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Climate change, COVID loom over Alaska’s 50th annual Iditarod Sled Dog Race

ANCHORAGE, Alaska, March 5 (Reuters) – Forty-nine mushers and their teams of huskies trotted through Alaska’s largest city on Saturday to start the 50th annual running of the Iditarod Trail Sled Dog Race, an event transformed by climate change and commercialism since its humble beginnings.

The starting gate has been returned to downtown Anchorage, a year after the COVID-19 pandemic prompted organizers to launch the 2021 race from a secluded riverside spot north of the city and off limits to the usual crowds of spectators.

Contestants forged through unusually warm and sloppy

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conditions on the first day of the run, with temperatures hovering between freeze and thaw. Wet snow soaked teams and spectators lining the city trail.

Fortunately for the mushers and dog teams more accustomed to crisp, cold weather, the 11-mile (17.7-km) Anchorage portion of

the race is merely ceremonial, with timed competition starting

on Sunday at Willow, about a 75-mile drive north.

The overall trail has been restored to its traditional 1,000-mile (1,600-km) distance from Anchorage to the Bering Sea gold-rush town of Nome after a COVID-forced shortening of the course last year. Still, several pandemic restrictions remain in effect.

Mushers, volunteers and fans gathered for this year’s renewal of Iditarod festivities in Anchorage were instructed to mask up and take other precautions to prevent the spread of the lingering virus.

The pandemic also forced one last-minute switch. Nic Petit, a top musher, had to pull out of the race after testing positive for COVID-19. Four-time champion Jeff King, who had planned to sit out this year’s contest, then stepped in to drive Petit’s dog team to Nome.

King got the call from Petit on Tuesday afternoon. He said Petit is trusting him to manage “a really nice dog team.”

“I think he knows I know what I’m doing,” King said at the downtown Anchorage start area.

Other returning winners are Dallas Seavey, who claimed a record-tying fifth victory last year, and his father, Mitch Seavey, a three-time champion who holds the Iditarod speed record of eight days, 3 hours and 40:13 minutes.

The field also includes Pete Kaiser, who in 2019 became the first Native Yup’ik musher to win the race, 2018 champion Joar Leifseth Ulsom of Norway, and four-time winner Martin Buser.

Those and others should be contenders for this year’s title, said Leifseth Ulsom. “A whole bunch of them are really good teams,” the Norwegian said in the Anchorage starting area.

Seventeen of this year’s mushers are women. The Iditarod is one of the few high-profile sports evens where women and men compete on equal footing.

HUMBLE BEGINNINGS

The Iditarod has come a long way in the half century since it began in 1973 as a low-budget, novelty event that drew a field of all-amateur mushers and took the winner 20 days to complete.

Now, top Iditarod contestants are professionals with high-tech gear bearing sponsors’ logos. Teams are tracked by global positioning satellite, and live coverage is beamed worldwide to audiences through internet streaming services. Winners typically reach the finish line in just nine days.

The modern race attracts major corporate backing, though in recent years,animal rights activists who condemn the race as cruel to the dogshave pressured some companies to drop support.

Climate change has wrought some of the greatest changes in the world’s most famous sled-dog race, as it has for much of life in the far north.

Three times, most recently in 2017, unseasonably warm conditions forced the Iditarod to move its day-two restart – following the ceremonial Anchorage launch – much farther north, to Fairbanks.

In 2020, flooding swamped the ultra-thin Bering Sea ice that teams had to skirt near the end of the race. Three racers and their dogs had to be rescued from the coastal site only 25 miles (40 km) from the Nome finish line. Contestants who followed had to be rerouted farther inland to avoid standing water.

The course, though running at full length again this year, has still been altered somewhat, with checkpoints relocated to minimize contact with Native Alaska villages that remain vigilant against renewed coronavirus outbreaks because of scarce healthcare resources.

Organizers say such precautions are fitting for an annual race that honors a famed dog-sled relay run nearly a century ago to deliver diphtheria serum to Nome in 1925.

“Vaccinations and dogs and Iditarod go way back, to the beginning of the race,” said Paige Drobny, a musher from Cantwell, Alaska, who is promoting vaccination on behalf of her sponsor, a Fairbanks healthcare consortium.

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Reporting by Yereth Rosen in Anchorage; Writing by Steve Gorman; editing by Richard Pullin and David Gregorio

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Brazil government appoints Rodolfo Landim to chair Petrobras board

The Petrobras logo is seen in front of the company’s headquarters in Sao Paulo April 23, 2015. REUTERS/Paulo Whitaker

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HOUSTON, March 5 (Reuters) – Brazil’s government has appointed former Petrobras executive Rodolfo Landim to chair the state-controlled oil producer’s board, the company said in a filing on Saturday night.

Earlier in the day, Admiral Eduardo Bacellar Leal Ferreira told Reuters he planned to step down as chairman of Petroleo Brasileiro SA , as the Rio de Janeiro firm is formally known.

“Petrobras chairman is a 24-hour job and I want to spend more time with my family,” Ferreira said, adding he has two grown children living outside of Brazil.

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Ferreira will stay until the end of his term. A shareholder meeting to renew the company’s board is scheduled for April 13.

The replacement comes as Petrobras faces pressure from investors to raise fuel prices as oil approached $120 per barrel. The company controls gasoline and diesel prices in Brazil with more than 80% of the country’s refining capacity.

Ferreira declined to comment on Petrobras’ fuel price policy.

Rodolfo Landim made a career at Petrobras before creating his own oil company, Ouro Preto Oleo e Gas, and selling it to investors in 2020.

He first joined Petrobras in 1980 and worked for 26 years at the company, rising to head of the natural gas division. In 2003, during the first presidential term of Luiz Inacio Lula da Silva, Landim was appointed by the government as chief executive of Petrobras’s gas station chain subsidiary, the largest fuel retailer company in Latin America. He ran the fuel company until 2006.

Landim currently runs a soccer team in Brazil as its president.

His confirmation as chairman is expected as the government controls the board with a majority of the voting shares.

If confirmed, Landim will rejoin Petrobras with a challenge of balancing a fuel price policy that pleases both investors and the government ahead of presidential elections in October.

On Thursday, Brazilian President Jair Bolsonaro said Petrobras could lower its profit to prevent fuel prices from surging. read more

In a weekly social media address, Bolsonaro said he was certain Petrobras would do what is necessary to shield consumers from suffering steep price increases.

Bolsonaro’s comments come after Petrobras in 2021 smashed its all-time record for annual profit and dividend payouts, thanks to sky-high Brent prices. The remarks could raise fears among investors that he could seek to feature in the company’s price-setting policies.

Petrobras’ policy of seeking parity between domestic fuel prices and international markets has angered many Brazilians as the cost of Brent crude has soared. A growing chorus of politicians has said Petrobras should help shoulder the burden.

On Wednesday, Chief Executive Joaquim Silva e Luna told Reuters that Petrobras had not yet taken a decision on fuel price adjustments.

The government also appointed another seven names to the board. Those are Petrobras Chief Executive Joaquim Silva e Luna, who will have his term at the board renewed, Carlos Eduardo Lessa Brandão, Luiz Henrique Caroli, Márcio Andrade Weber, Murilo Marroquim de Souza, Ruy Flaks Schneider and Sonia Julia Sulzbeck Villalobos.

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Reporting by Sabrina Valle; Additional reporting by Peter Frontini; Editing by Franklin Paul and Christopher Cushing

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Visa, Mastercard suspend operations in Russia over Ukraine invasion

Credit card is seen in front of displayed Visa logo in this illustration taken July 15, 2021. REUTERS/Dado Ruvic/Illustration

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March 5 (Reuters) – U.S. payments firms Visa Inc (V.N) and Mastercard Inc on Saturday said they were suspending operations in Russia over the invasion of Ukraine, and that they would work with clients and partners to cease all transactions there.

Within days, all transactions initiated with Visa cards issued in Russia will no longer work outside of the country and any Visa cards issued outside of Russia will no longer work within the country, the company said.

“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” Al Kelly, chief executive officer of Visa, said in a statement.

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U.S. President Joe Biden, in a call with Ukraine’s President Volodymyr Zelenskiy, welcomed Visa’s and Mastercard’s decisions to suspend their operations in Russia, the White House said. W1N2QI054

“President Biden noted his administration is surging security, humanitarian, and economic assistance to Ukraine and is working closely with Congress to secure additional funding,” a White House readout of the call added.

The move by the payments firms could mean more disruption for Russians who are bracing for an uncertain future of spiraling inflation, economic hardship and an even sharper squeeze on imported goods.

Unprecedented Western sanctions imposed on Russia have frozen much of the country’s central bank’s $640 billion in assets; barred several banks from global payments system SWIFT; and sent the rouble into free-fall, erasing a third of its value this week. read more

On Monday, Ukraine’s central bank chief Kyrylo Shevchenko told Nikkei Asia the central bank and Zelenskiy urged Visa and MasterCard to halt transactions of their credit and debit cards issued by Russian banks to increase pressure on the Russian regime, the paper.

A growing number of financial and technology companies have suspended Russian operations. PayPal Holdings Inc (PYPL.O), announced its decision earlier on Saturday. read more

ALTERNATIVE SYSTEM

Sberbank Rossii PAO (SBER.MM), Russia’s largest lender, said the moves by Visa and Mastercard would not affect users of the cards it issues in Russia, Tass news reported.

Sberbank said its customers would be able to withdraw cash, make transfers, pay both in offline stores and Russian internet stores because transactions in Russia pass through the domestic National Payment Card System which does not depend on foreign payment systems, according to Tass.

Russia has been taking steps to increase the independence of its financial system for years, particularly after ties with the West deteriorated over the country’s annexation of Crimea in 2014.

The country set up its own banking messaging system, known as SPFS, as an alternative to SWIFT and its own card payment system MIR began operating in 2015. They were part of Moscow’s efforts to develop homegrown financial tools to mirror Western ones, to protect the country in case sanctions are broadened. read more

Mastercard and Visa had significant business in Russia. In 2021, about 4% of Mastercard’s net revenues were derived from business conducted within, into and out of Russia. Meanwhile, business conducted within, into and out of Ukraine accounted for 2% of its net revenues, according to a filing on Tuesday. read more

Visa also reported that total net revenue from Russia in 2021 was about 4% of its total.

Mastercard, which has operated in Russia for 25 years, said its cards issued by Russian banks will no longer be supported by Mastercard networks, and that any the company’s card issued outside of the Russia will not work at Russian merchants or ATMs.

Mastercard said it decided to suspend its network services in Russia following its recent action to block multiple Russian financial institutions from the company’s payment network, as required by regulators globally.

Visa also said this week it blocked multiple Russian financial institutions from its network in compliance with government sanctions imposed over Moscow’s invasion of Ukraine. read more

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Reporting by John McCrank in New York; additional reporting by Akanksha Khushi in Bengaluru
Editing by Megan Davies, Paul Simao and David Gregorio

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Russia protests to U.S. envoy over senator’s call to ‘take out’ Putin

U.S. Senator Lindsey Graham (R-SC) speaks to reporters after a U.S. Senate classified briefing on the ongoing tensions between Russia and Ukraine, on Capitol Hill in Washington, U.S., February 3, 2022. REUTERS/Elizabeth Frantz/File Photo

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LONDON, March 5 (Reuters) – Russia’s Foreign Ministry protested to the U.S. ambassador in Moscow on Saturday over remarks by U.S. Senator Lindsey Graham advocating that President Vladimir Putin be assassinated.

It said in a statement that failure to unambiguously condemn the remarks and take concrete measures “will have a further devastating effect on Russian-American relations”, already in tatters following Western sanctions against Russia over its invasion of Ukraine.

U.S. Ambassador John Sullivan was summoned to the ministry to be told that Graham’s comment would be treated as a serious crime in Russia.

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“This is a public, terrorist appeal that is completely unacceptable,” the ministry said.

Graham, a Republican from South Carolina, called on Twitter for someone in Russia to “take this guy out” – referring to Putin.

White House spokesperson Jen Psaki told reporters on Friday: “We are not advocating for killing the leader of a foreign country or regime change. That is not the policy of the United States.”

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Reporting by Reuters; Editing by Kevin Liffey

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North Korea conducts ninth missile test of the year ahead of South Korea election

  • Missile launch condemned by S.Korea, Japan, United States
  • S.Korea says closely monitoring North’s nuclear sites
  • N.Korea appears preparing for major weapons tests – analysts
  • S.Korea holds presidential election on Wednesday

SEOUL, March 5 (Reuters) – North Korea conducted its ninth weapons test of the year on Saturday, firing asuspected ballistic missile toward the sea to the east of the Korean peninsula just days before South Korea’s presidential election.

The launch drew condemnation from governments in the United States, South Korea, and Japan, which fear the North is preparing to conduct a major weapons test in coming months.

With denuclearisation talks stalled, North Korea conducted a record number of missile launches in January, and after a pause for most of February, resumed tests with a launch on Feb. 27.

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It appears to be preparing to launch a spy satellite in the near future, and has suggested it could resume testing of nuclear weapons or its longest range intercontinental ballistic missiles (ICBMs) for the first time since 2017.

“The significant pace at which North Korea is developing its missile-launching technology is not something our country and the surrounding regions can overlook,” Japan’s Defense Minister Nobuo Kishi said after the latest launch.

In South Korea, where citizens are already casting early votes ahead of Wednesday’s presidential election, the National Security Council (NSC) condemned North Korea’s “unprecedented repeated firing of ballistic missiles” as going against peace and stability on the Korean Peninsula.

South Korea will “even more closely monitor North Korea’s nuclear and missile-related facilities” including its main nuclear reactor facility at Yongbyon and the Punggye-ri nuclear weapons test side, the NSC said, according to a statement from the presidential Blue House.

It was not immediately clear what prompted the increased monitoring of the nuclear sites.

On Friday, the U.S.-based 38 North project, which monitors North Korea, said operations at Yongbyon are in full swing, producing fuel for potential nuclear weapons and an expansion of its nuclear production facilities.

Punggye-ri has been shuttered since North Korea declared a self-imposed moratorium on nuclear weapons tests in 2018. Leader Kim Jong Un, however, has said he no longer feels bound by that moratorium as denuclearisation talks are stalled.

A North Korean flag flutters at the North Korean embassy in Kuala Lumpur, Malaysia March 19, 2021. REUTERS/Lim Huey Teng

South Korea has reported a series of small, natural earthquakes near Punggye-ri this year, highlighting what experts say is geological instability caused by the last and largest nuclear test in 2017. Experts have also said that instability would not necessarily prevent North Korea from resuming tests at the site.

MISSILE TESTS

The U.S. State Department condemned the latest launch as a violation of United Nations Security Council resolutions, which have imposed sanctions on North Korea over its weapons programmes.

The launch demonstrates the threat that North Korea’s illicit weapons of mass destruction and missile programmes pose to the its neighbours and the region as a whole, a State Department spokesperson said.

The South Korean military said Saturday’s launch came from a location near Sunan, where Pyongyang’s international airport is located. The region has been the site of previous tests, including the last launch on Feb. 27, when North Korea said it tested systems for a reconnaissance satellite. read more

Kishi said the North Korean projectile reached a height of 550 km (340 miles) and flew 300 km (190 miles), similar to the South Korean military’s estimate of 560 km height and 270 km distance. read more

The launch underscores the challenges facing whoever wins Wednesday’s presidential election in South Korea. read more

Both leading candidates have said they would unveil roadmaps to try to jumpstart stalled talks, but have also raised the prospect of a harder line ranging from more openly calling the North’s missile tests “provocations” to developing more military capacity for preemptive strikes if necessary to counter an imminent threat.

Analysts say North Korea could use the upcoming presidential transition in South Korea or a big national holiday on April 15 to launch a satellite or test fire a major new missile or other weapon.

“The timing of North Korea’s missile testing may seem odd to us, given the global focus on Ukraine,” Jean Lee, a fellow at the Washington-based Wilson Center, said on Twitter. “But it makes perfect sense in North Korea, where scientists are focused on perfect new weapons for Kim to show off at a big military parade in mid-April.”

The United States has said it is open to talks without preconditions, but Pyongyang says talks are only possible after Washington and its allies drop hostile policies.

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Reporting by Joyce Lee and Josh Smith in Seoul, Sakura Murakami in Tokyo; Editing by Sandra Maler, Jane Wardell, William Mallard and Kim Coghill

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Tesla’s long-delayed German gigafactory gets conditional green light

  • Tesla’s Gruenheide plant is first European gigafactory
  • Objections against approval can be filed over next month
  • Tesla wants to show it meets conditions in next two weeks

POTSDAM, Germany, March 4 (Reuters) – Tesla Inc (TSLA.O) received a conditional go-ahead for its German gigafactory near Berlin on Friday, the state of Brandenburg said, ending months of delay for the 5 billion euro ($5.5 billion) landmark plant.

The gigafactory, which is crucial to Tesla Chief Executive Elon Musk’s ambitions to vanquish European market leader Volkswagen (VOWG_p.DE), was initially supposed to open last summer.

Germany’s largest automaker has the upper hand in Europe, with a 25% share of electric vehicle (EV) sales to Tesla’s 13%.

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Brandenburg state premier Dietmar Woidke told a news briefing that the development marked “a big step into the future”, adding that the Tesla plant would be a major industrial and technological driver for Germany and the region.

Around 2,600 of the plant’s expected 12,000 workers have been hired so far, unions said last month, and Tesla is in talks with numerous parts suppliers in the region to source as much as possible locally, lowering waiting times and costs.

Underlining the intense competition facing Tesla, Volkswagen said on Friday it would spend about 2 billion euros on a new factory near its Wolfsburg headquarters to make the Trinity, the first of a new generation of electric vehicles for the German carmaker, with construction due to start next year.

Friday’s 536-page conditional building permit for Tesla does not mean the U.S.-based EV pioneer can start production right away. It must first prove that it fulfils numerous conditions, including in water use and air pollution control.

Only then will Tesla get its long-awaited operating permit and actually start rolling out the 500,000 battery-powered vehicles it wants to produce each year at the new plant, located in the small community of Gruenheide.

Another hurdle to secure the site’s water supply emerged late on Friday, when a Frankfurt Oder administrative court sided with environmental groups who had challenged a licence given to a local water utility to supply the Tesla site. read more

But the court said the procedural errors made in the licencing decision could be remedied by the water utility, leaving open the door for the water supply arrangement to be salvaged.

Kickstarting production in Germany would mean Tesla can deliver its Model Y cars to European customers faster and more cheaply, after meeting orders in Europe from its Shanghai factory in recent months as it awaited approval for the site.

Tesla plans to show that it meets the imposed conditions within the next two weeks, Brandenburg’s environment minister Axel Vogel said, while objections can be filed over the next month.

Tesla’s next challenge will be to scale up production as quickly as possible, which Musk said at a fair on-site in October would take longer than building the factory.

Local environmental groups have long feared that the plant will negatively impact local habitat. Numerous public consultations, focusing primarily on that aspect, delayed the process, with Musk expressing irritation on multiple occasions over German bureaucracy.

The factory, which Tesla has begun constructing under pre-approval permits, will also include a battery plant capable of generating more than 50 gigawatt hours (GWh) per year – outstripping European competitors.

Batteries for cars produced on-site will initially come from China, Musk said, but he intends to reach volume production at the German battery plant by the end of next year.

($1 = 0.9163 euros)

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Reporting by Nadine Schimroszik, Christoph Steitz, Jan Schwartz, Victoria Waldersee and Ludwig Burger; editing by Kirsti Knolle, Miranda Murray, Louise Heavens and Alexander Smith

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Financial screws turned on Russia as insurers exit, London stocks halted

  • LSE halts trading in Russia-related GDRs
  • Trade insurers withdraw from Russian risk
  • Investors continue selling Russian assets
  • Deutsche Bank tests Russia tech centre

LONDON, March 4 (Reuters) – Russia’s global financial isolation intensified on Friday as the London Stock Exchange (LSE) suspended trading in its last Russian securities and some insurers withdrew cover from exporters over Moscow’s invasion of Ukraine.

Banks, investors and insurers have in recent days ratcheted up that pressure by exiting investments in Russia and halting the provision of their services.

The LSE said it had suspended global depositary receipts (GDRs), which represent shares in a foreign company, for eight Russian companies, including Magnit and Sistema, after freezing trading in 28 firms on Thursday. read more

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The trading halts come as Britain, the European Union and the United States continue to roll out financial sanctions on Russia to prevent its companies from accessing Western markets.

In another turning of the screws on Moscow, trade credit insurers, who provide a financial safety net for exports and imports, are pulling back from covering businesses exporting to Ukraine and Russia given the risks of sanctions, high claims or missed payments, industry sources said. read more

The move in the nearly $3 trillion global market will heap further pressure on Russia’s already teetering economy.

“In this last week, trade credit insurers will have paused supporting new risk for Ukraine and Russia,” said Nick Robson, global leader for credit specialties at insurance broker Marsh.

European Union officials are also examining curbing Russia’s influence and access to finance at the International Monetary Fund following the invasion, six officials told Reuters. L2N2V71XO

“For its part, Washington will continue to embrace multilateral sanctions, [and] target the wealth of Russian oligarchs as part of a pressure campaign,” Isaac Boltansky, policy director for brokerage BTIG wrote in a note on Friday.

INVESTORS OUT

British insurer and asset manager Royal London became the latest Western investor to say it will sell its Russian assets as soon as possible, after a rush of similar announcements in recent days.

“We can’t trade these things anyway, but as soon as we can, we obviously intend to divest,” Royal London Chief Executive Barry O’Dwyer told Reuters. read more

The CEO of another major British investment group, Schroders, said on Thursday Russian stocks and bonds are now “in the realms of utterly uninvestable”. read more

Swiss wealth manager Julius Baer (BAER.S) has halted new business with wealthy Russians, two sources familiar with the bank’s operations told Reuters. read more

Some investors are however piling into funds linked to Russia, seeing current distressed levels as a potentially cheap entry point for Russian assets. read more

Deutsche Bank (DBKGn.DE) said it has been stress-testing its operations in Russia, where it employs some 1,500 workers in a major technology centre, as banks with a significant Russian presence grapple with the ramifications of its growing financial isolation.

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Reporting by Carolyn Cohn and Lawrence White, additional reporting by Michelle Price, Tom Sims and Frank Siebelt in Frankfurt, editing by Alexander Smith, Jonathan Oatis and David Gregorio

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Sacklers to pay $6 billion to settle Purdue opioid lawsuits

March 3 (Reuters) – The Sackler family owners of Purdue Pharma LP reached a deal with a group of attorneys general to pay up to $6 billion in cash to resolve widespread litigation alleging that they fueled the U.S. opioid epidemic, bringing the OxyContin maker closer to exiting bankruptcy.

The attorneys general for eight states and the District of Columbia, who had blocked a previous settlement that included a $4.3 billion cash payment, announced the deal after weeks of mediation with the Sacklers.

The family agreed to pay at least $5.5 billion in cash, which will be used for abating a crisis that has led to nearly 500,000 U.S. opioid overdose deaths over two decades.

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The value of the deal could grow as the family members sell additional assets.

The Sackler family owners said in a statement that they “sincerely regret” that OxyContin “unexpectedly became part of an opioid crisis.”

The family members said they acted lawfully but a settlement was by far the best way to help resolve a “serious and complex public health crisis.”

U.S. Bankruptcy Judge Robert Drain must approve the deal, which protects the Sacklers from civil lawsuits. Purdue requested a March 9 hearing for Drain to review the agreement.

Purdue said on Thursday that the new settlement would provide additional funding for opioid abatement programs, overdose rescue medicines, and victims, while putting the company on track to resolve its bankruptcy case on “an expedited schedule.”

When the bankruptcy plan takes effect, Purdue Pharma will cease to exist. It will emerge as a new company, Knoa Pharma LLC, owned by the National Opioid Abatement Trust, an entity controlled by creditors of Purdue.

Opioid overdose deaths soared to a record during the COVID-19 pandemic, including from the powerful synthetic painkiller fentanyl, the U.S. Centers for Disease Control and Prevention has said.

The Sacklers’ agreement follows an announcement on Friday by the three largest U.S. drug distributors and Johnson & Johnson (JNJ.N) that they would finalize a $26 billion plan to settle allegations over their role in the opioid crisis. read more

Purdue filed for bankruptcy in 2019 in the face of thousands of lawsuits accusing it and members of the Sackler family of fueling the opioid epidemic through deceptive marketing of its highly addictive pain medicine.

The company pleaded guilty to misbranding and fraud charges related to its marketing of OxyContin in 2007 and 2020. Members of the Sackler family have denied wrongdoing.

The new deal was announced over two months after U.S. District Judge Colleen McMahon overturned the earlier settlement, which contained sweeping legal protections for the Sacklers from future opioid-related litigation.

Eight states, Washington D.C. and the U.S. Department of Justice’s bankruptcy watchdog said at the time that the Sacklers should not be afforded such protections since they did not file for bankruptcy themselves.

While bankruptcy judges have increasingly granted such releases over the years when approving a reorganization plan, McMahon ruled that the bankruptcy court did not have that legal authority.

As part of the new deal, the holdout states and D.C. agreed to drop their opposition to the protections.

SERVING JUSTICE

Connecticut’s William Tong, one of the attorneys general who agreed to the settlement, said he recognized its limits.

“No one is under any illusion this solves all the problems we’re facing,” Tong said at a news conference.

Tong and the mediator urged Drain to allow victims of the opioid epidemic to address the court when the judge considers approving the settlement and to order the Sackler family members to attend.

The mediator, U.S. Bankruptcy Judge Shelley Chapman, said in a court filing it was her “heartfelt belief” that doing so would “serve the ends of justice.”

Under Thursday’s settlement, $276 million of the increased Sackler contribution will be dedicated to the eight states that had opposed the prior deal and the District of Columbia.

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Reporting by Tom Hals in Wilmington, Delaware and Jonathan Stempel and Dietrich Knauth in New York; Editing by Noeleen Walder and Bill Berkrot

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Biden meets Finnish leader as Russia rattles European neighbors

U.S. President Joe Biden delivers remarks at Yellowjacket Union during his visit to the University of Wisconsin-Superior, in Superior, Wisconsin, U.S. March 2, 2022. REUTERS/Evelyn Hockstein

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WASHINGTON, March 4 (Reuters) – U.S. President Joe Biden meets his Finnish counterpart Sauli Niinistö at the White House on Friday as Russia’s invasion of Ukraine has roused fresh concern by Vladimir Putin’s other European neighbors.

The talks come as the Russian president’s more than week-long invasion of Ukraine has primed discussions in Finland over a closer alliance with NATO, with which it already cooperates but is not a member. Biden and Niinistö have spoken to each other twice in the past few months.

Finns have traditionally been wary of Russia, given the Nordic country’s shared 833-mile (1340-km) border and a history of two wars between 1939 and 1944 that cost Finland territory.

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But Finland, a European Union member which was part of the Swedish kingdom until 1809 and then was under Russia’s control until gaining independence in 1917, has also sought to preserve friendly relations with Moscow.

Russia does not want Finland to join NATO, but Niinistö has said the country retains the right to apply for membership. Ukraine’s government maintained its right to do so as well prior to Russia’s invasion.

Biden and Niinistö “will discuss the U.S.-Finnish defense relationship, which is very strong and in fact complements Finland’s close partnership with NATO,” White House spokeswoman Jen Psaki told reporters in previewing the visit.

The Finnish public is growing fonder of the idea of joining NATO. A poll by public broadcaster Yle last Monday said 53% of Finns support joining, compared to 28% when the Helsingin Sanomat newspaper asked the question in late January. read more

Finland’s government has sought to calm campaigns to join the U.S.-led defense bloc. Niinistö said in a statement that people should “keep a cool head and assess carefully the impact of the changes that have already taken place and of those that might still happen.”

Finland joined other countries on Thursday in boycotting Arctic Council meetings that Russia planned to host in May. read more

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Reporting by Trevor Hunnicutt; Editing by Leslie Adler

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Asia stocks hit 16-month low on Ukraine nuclear plant fire

SINGAPORE, March 4 (Reuters) – Asian equities and the euro weakened on Friday while oil prices jumped as investors took fright from reports of a nuclear power plant on fire amid fierce fighting between Ukraine and Russian troops.

The risk-off appetite battered markets across the region, sending Wall Street futures also lower, suggesting more pain for European and U.S. markets when they open later in the day.

RIA News agency cited the Ukrainian atomic energy ministry as saying that a generating unit at the Zaporizhzhia nuclear power plant, the largest of its kind in Europe, had been hit during an attack by Russian troops.

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While prices have since trimmed losses from their morning lows on reports there was no immediate change in radiation levels in the area, investors remain extremely anxious.

“Markets are worried about nuclear fallout. The risk is that there is a miscalculation or overreaction and the war prolongs,” said Vasu Menon, executive director of investment strategy at OCBC Bank.

MSCI’s broadest index of Asia-Pacific shares ex-Japan (.MIAPJ0000PUS) tumbled as much as 1.6% to 585.5, the lowest level since November 2020, taking the year-to-date losses to 7%. It regained some losses but was still down 1.4%.

“Markets don’t want a contagion effect and more European countries impacted by the crisis,” said Menon. “If investors are looking to buy, they need to have a strong and long-term risk appetite.”

Stock markets across Asia were in a sea of red, with Japan (.N225) losing 2.6%, South Korea 1.3%, China (.SSEC) 0.7% and Hong Kong 2.7% while commodities-heavy Australia (.AXJO) was down 0.7%.

S&P 500 futures shed 0.9% and Nasdaq futures fell 1%. Overnight, Wall Street ended lower as investors remained on edge over the Ukraine crisis, while rising prices of commodities also weighed on market sentiment.

Investors sought refuge in safe-haven U.S. Treasuries, sending yields on benchmark 10-year yields as much as 14 basis points lower to 1.7%. They later inched back up to 1.78%.

Oil prices jumped on Friday after ending steady a day earlier, with the market also focused on whether the OPEC+ producers, including Saudi Arabia and Russia, would increase output from January.

Brent crude futures for May rose to as much as $114.23 a barrel and were last up 1.5% at $112.2. The contract fell 2.2% on Thursday.

There was no let-up in other commodities also, with Chicago wheat futures jumping nearly 7%, taking the weekly gain to more than 40% on supply side worries.

On the economic data front, the U.S. employment report on Friday is expected to show another month of strong job growth, with the Omicron COVID-19 variant wave of infections significantly diminished.

“We are still talking about very strong global growth, we are still rebounding, reopening from the pandemic, we still have confidence in the consumer outlook,” said David Goodman, lead economist at Aware Super, one of Australia’s largest superannuation funds, which manages more than $150 billion.

Goodman said the market volatility underscored the need to have a diversified portfolio with exposure to different markets, adding that the fund’s portfolio included firms in renewables energy, digital infrastructure, housing and logistics sectors.

Gold prices also rose on Friday, eyeing their best weekly gain since May 2021. Spot gold edged up 0.2% to $1,939,5.

In currency markets, the euro lost further ground and was set for its worst week versus the dollar in nine months. It fell 0.3% to $1.10320 and traded above the day’s lows. It has lost about 1.8% this week, which would be the euro’s worst week since June 2021.

Federal Reserve Chair Jerome Powell on Thursday repeated his comments from Wednesday that he would back an initial quarter percentage point increase in the bank’s benchmark rate.

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Reporting by Anshuman Daga; Editing by Edwina Gibbs and Sam Holmes

Our Standards: The Thomson Reuters Trust Principles.

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