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By Leah Nylen and Jaewon Kang | Bloomberg A judge blocked Kroger Co.’s $24.6 billion acquisition of Albertsons Cos. , finding the takeover would lessen competition for US grocery shoppers, in a ruling that marks a likely death knell for the deal. In a decision filed in Oregon federal court Tuesday, US District Judge Adrienne Nelson found in favor of the US Federal Trade Commission. The agency had argued that the proposed tie-up violates US antitrust law and that a division of hundreds of stores to C&S Wholesale Grocers Inc. wouldn’t do enough to replace the lost competition. Also see: Biggest question from Kroger-Albertsons trial: What’s a grocery store? “There is ample evidence that the division is not sufficient in scale to adequately compete with the merged firm and is structured in a way that will significantly disadvantage C&S as a competitor,” Nelson wrote. “The deficiencies in the disvestiture scope and structure create a risk that some or all of the divested stores will lose sales or close, as has happened in past C&S acquisitions.” Nelson’s decision is a major victory for the FTC and its outgoing Chair Lina Khan, who came under harsh criticism from conservatives and business groups for stepped-up antitrust enforcement under the Biden administration. “Today’s win protects competition in the grocery market, which will prevent prices from rising even more,” said FTC spokesperson Douglas Farrar. “This statement makes it clear that strong, reality-based antitrust enforcement delivers real results for consumers, workers, and small businesses.” Also see: Albertsons would have shed these 63 California stores A C&S Wholesale spokesperson said the company is disappointed by the court’s decision and that it looks forward to seeing how Kroger and Albertsons will determine the next steps of the proposed deal. Kroger and Albertsons didn’t immediately respond to requests for comment. Attorneys for the companies have said the acquisition would probably be called off if the judge ruled against the deal. Kroger shares jumped as much as 6.1% in New York trading on Tuesday, extending earlier gains. Albertsons slumped as much as 10%. Specific Market Nelson agreed with the FTC that supermarkets constitute a specific market, countering the companies’ argument that the market extends to online retailers like Amazon.com Inc. “Supermarkets are distinct from other grocery retailers,” Nelson wrote. “Supermarkets offer a larger selection of fresh and non-perishable items, a one-stop shopping experience that appeals to a particular consumer’s preference to meet all their grocery needs in one location, and a customer service focus with deli, bakery, meat, and other specialized departments.” The ruling marks a disappointing end to a two-year odyssey by Kroger and Albertsons, which sought to become a bigger player with a more substantial national footprint to better compete against larger, non-unionized rivals including Walmart Inc. Kroger and Albertsons agreed to combine in October 2022 in what would have been the biggest US grocery deal in history, bringing together more than 4,000 stores across 48 states and Washington, DC. Kroger will likely turn its focus back to improving and investing in its existing network of about 2,750 stores. Albertsons, on the other hand, could emerge again as a deal target, but is expected in the near term to invest in its roughly 2,270 stores and technology. The proposed deal has been a political hot potato, drawing pushback from elected officials, union groups and consumer advocacy firms. The companies vowed to spend $1 billion to cut prices, $1.3 billion to improve store conditions and $1 billion to raise worker wages and benefits following the deal. The FTC has increased antitrust enforcement under the Biden administration, though the results in court have been mixed. The FTC lost a challenge to Microsoft Corp.’s acquisition of Activision Blizzard Inc. and won against Illumina Inc. over its purchase of startup Grail and against Tapestry Inc.’s planned $8.5 billion acquisition of Capri Holdings Inc. The companies and the agency fought their case in court for three weeks over the summer in Oregon, as grocery inflation came back into the political spotlight ahead of the US presidential election. Grocery inflation hit a four-decade high in 2022 due to higher costs of labor, transportation and ingredients. Price increases have moderated and are expected to stay within historical ranges, though many American shoppers still say expensive groceries continue to squeeze their ability to spend. The FTC argued that the deal would harm consumers by eliminating competition on prices and quality, making the combined entity less likely to improve its services by offering flexible hours and pickup services. It said the grocers would have more leverage over workers, which would slow wage growth and worsen benefits, and that the proposed divestiture would be inadequate. The agency tried to depict Kroger and Albertsons as the most direct competitors. It said the deal would combine the two largest “traditional supermarkets” in a market that includes Walmart and Target, but does not include Amazon, Costco, Aldi and dollar stores. The companies argued that such a definition is “antiquated” and no longer describes how people shop and pointed to various changes they have made in response to newer threats. The grocers also said joining forces would help them increase market share and improve technology to compete with Amazon, Walmart and other companies. The case is Federal Trade Commission v. Kroger Co., 24-cv-00347, US District Court, District of Oregon (Portland). 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Honest and critical yet hopeful and optimistic -- that's how the reigning Stanley Cup champion Florida Panthers are viewing their current predicament. The Panthers, who are set to host the Washington Capitals on Monday night in Sunrise, are 1-5-0 over their past six games. Javascript is required for you to be able to read premium content. Please enable it in your browser settings. Peggy Slappey Properties and Vision Home Crafters invite you to Old Town Estates, where easy country living meets the convenience of great local amenities and top-rated schools. These elegant single-family homes are situated on large lots (up to four acres) and showcase open floor plans, spa... Click for more. ON THE MARKET: Escape the City at Old Town Estates in MonroeProtests and violence in the politics

World reaches $300 bn climate finance deal at COP29LAS VEGAS (AP) — The Broncos are 0-4 in Las Vegas, but in a matchup of teams heading in opposite directions, Denver has more at stake than trying to end a series skid. A victory over the Raiders puts the Broncos that much closer to an unexpected playoff berth, playing with a rookie quarterback and just a year after they went 8-9. The Broncos are 6-5 and coming off a 38-6 victory over the Atlanta Falcons , and would be in the playoff field if the season ended entering Week 12. Not bad for a team given a win total of 5 1/2 games at BetMGM Sportsbook. “Everyone understands the significance of where we are at this point in the season,” Broncos wide receiver Courtland Sutton said. The situation is quite different for the Raiders. They are 2-8, on a six-game losing streak and decimated by injuries. Las Vegas could enter this game without its top two running backs and a reshuffled line on offense, and defensively, the Raiders could have two linemen, three cornerbacks and a safety out of action. “Just been having some bad breaks, but nobody feels sorry for us,” Raiders coach Antonio Pierce said. "Nobody feels sorry for me. You’ve got to roll out there with 11 players, and that’s what we’re going to do come Sunday.” The Raiders are badly in a need of a franchise quarterback and are in a logjam for the top pick in next year's NFL draft. Denver showed with this year's draft how valuable landing such a QB can be to an organization. Bo Nix was selected 12th — one spot ahead of the Raiders — and he is pushing for AP Offensive Rookie of the Year. He was this week's top AFC player and rookie after completing 28 of 33 passes for 307 yards and four touchdowns in the rout of the Falcons. “I think as we’ve gone on, Coach (Sean Payton) and I have found a good rhythm of what we both like, what we can kind of put out there on the field and what we can execute," Nix said. "Then the guys have kind of adapted to it, found our roles within the offense and executed at a high level. It’s just all about slowing the game down and processing things in a manner that you can handle.” Raiders tight end Brock Bowers also could have a say in who wins the season's top offensive rookie award. He is second in the NFL with 70 catches and his 706 yards receiving is 10th among all receivers. His numbers from a historical perspective are even more impressive. Bowers, the 13th pick in this year's draft , is fourth all time among all tight ends in catches through the first 11 weeks and he and Jeremy Shockey in 2002 are the only rookies at that position to have more than one game with at least 10 receptions. “This week's a brand new week,” Bowers said. “I've always got something to prove.” Payton still isn't entirely comfortable splitting carries between running backs Javonte Williams, Jaleel McLaughlin and rookie Audric Estime. Asked how he determines the right balance in his rotation, Payton said, “That's the $6 million question. It’s difficult. We know kind of what we have with those three players. I think it’s always hard to feed three. "I'm used to — and it’s easy — to feed two. So we kind of do that a little bit. I thought Javonte had some really good runs (last week). Certainly the game ends and we’re like, ‘Gosh, we have to get Jaleel more touches.’ So it’s a tough, but a good problem to have.” With injuries to running backs Alexander Mattison (ankle) and Zamir White (quadriceps), 10-year veteran Ameer Abdullah could get the start for the Raiders this weekend. He has just 17 carries for 82 yards and a touchdown this season and started just one game his previous six seasons. “I see myself as a starter,” Abdullah said. “I think every guy in the room does. I consider myself the best back on this team just like every back does. This is my opportunity to go out there and put my best foot forward.” Patrick Surtain II had a pair of interceptions, including one he returned for 100 yards and a touchdown, in the team's first meeting this season and that fueled the Broncos' 34-18 win in Denver . Both of the passes were intended for Bowers, who caught a 57-yard touchdown pass in the first quarter. Surtain isn't expecting the Raiders to avoid him Sunday, however. “You don't want to go into a game thinking they're not gonna throw it your way,” Surtain said, “because it's the pros at the end of the day, everybody's ready, everybody's capable.” AP Pro Football Writer Arnie Stapleton in Englewood, Colorado, contributed to this report. AP NFL: https://apnews.com/hub/nfl

Wall Street stocks surged to fresh records Wednesday on hopes about easing US monetary policy, shrugging off political upheaval in South Korea and France. All three major US indices scored records, with the Dow Jones Industrial Average finishing above 45,000 for the first time. "The market at this point is looking for excuses to go up, and there's not really anything that might work against that narrative," said Steve Sosnick of Interactive Brokers. "Over the last couple of days, it's managed to ignore all sorts of inconvenient things and decided that the situation in France doesn't matter for them," Sosnick said of the stock market. "The situation in Korea doesn't matter." South Korea's stock market fell less than feared and the won rebounded from earlier losses after President Yoon Suk Yeol swiftly reversed a decision to impose martial law. In Europe, Paris stocks managed to advance as France's government faced looming no-confidence votes. Late Wednesday in Paris, French lawmakers voted to oust the government of Prime Minister Michel Barnier after just three months in office, pushing the country further into political uncertainty. For the first time in over sixty years, the National Assembly lower house toppled the incumbent government, approving a no-confidence motion that had been proposed by the hard left but which crucially was backed by the far-right headed by Marine Le Pen. "Political turmoil in both France and South Korea provide a uncertain backdrop for global markets, with the likely removal of both Barnier and Yoon bringing the potential for both countries to find a fresh direction," said Joshua Mahony, chief market analyst at Scope Markets. Thomas Mathews, head of Asia-Pacific markets at Capital Economics, said the losses in Seoul could have been "much worse" had the president not aborted his plan. "Rarely does a combined sell-off in a country's stocks, bonds and currency feel like a relief rally," he said. Oil prices turned lower after surging around 2.5 percent Tuesday, mainly after the United States sanctioned 35 companies and ships it accused of involvement with Iran's "shadow fleet" illicitly selling Iranian oil to foreign markets. Major producers at the OPEC+ grouping led by Saudi Arabia and Russia were set to meet Thursday to discuss extending output limits. Back in New York, major indices were led by the Nasdaq, which piled on 1.3 percent to finish at a third straight record. Wednesday's gains came after payroll firm ADP said US private-sector hiring in November came in at a lower-than-expected 146,000 jobs, while a survey from the Institute for Supply Management showed weaker sentiment than expected in the services sector. But the lackluster data boosts expectations that the Federal Reserve will cut interest rates later this month. At a New York conference, Federal Reserve Chair Jerome Powell refrained from tipping his hand, but he "didn't say anything that would scare the market," said Briefing.com analyst Patrick O'Hare. O'Hare noted that Wednesday's gains were led by large tech names such as Nvidia and Microsoft, which are major AI players. The boost followed strong results from Salesforce, which was the biggest gainer in the Dow with an 11 percent jump. New York - Dow: UP 0.7 percent at 45,014.04 (close) New York - S&P 500: UP 0.6 percent at 6,086.49 (close) New York - Nasdaq Composite: UP 1.3 percent at 19,735.12 (close) London - FTSE 100: DOWN 0.3 percent at 8,335.81 (close) Paris - CAC 40: UP 0.7 percent at 7,303.28 (close) Frankfurt - DAX: UP 1.1 percent at 20,232.14 (close) Seoul - Kospi Index: DOWN 1.4 percent at 2,464.00 (close) Tokyo - Nikkei 225: UP 0.1 percent at 39,276.39 (close) Hong Kong - Hang Seng Index: FLAT at 19,742.46 (close) Shanghai - Composite: DOWN 0.4 percent at 3,364.65 (close) Euro/dollar: UP at $1.0510 from $1.0509 on Tuesday Pound/dollar: UP at $1.2702 from $1.2673 Dollar/yen: UP at 150.56 yen from 149.60 yen Euro/pound: DOWN at 82.71 from 82.92 pence Brent North Sea Crude: DOWN 1.8 percent at $72.31 per barrel West Texas Intermediate: DOWN 2.0 percent at $68.54 per barrel burs-jmb/jgcStudent Charged With Spying on US Embassy for Russia, Iran

World reaches $300 bn climate finance deal at COP29

Tories urge PM to reject Netanyahu arrest warrant and alter ‘nonsensical’ stanceA fugitive gains fame in New Orleans eluding dart guns and netsUniversity of Michigan will no longer use diversity statements in faculty hiring, promotion, tenureStock market today: Wall Street edges back from its records as bitcoin briefly pops above $100,000

ORCHARD PARK, N.Y. (AP) — Safety Micah Hyde has rejoined the Buffalo Bills by signing to the practice squad on Wednesday in a late-season move that brings experience, stability, leadership and familiarity with the defensive scheme to the five-time defending AFC East champions. In announcing the move, coach Sean McDermott stressed that as much as he welcomes Hyde’s addition, it in no way reflects on Buffalo’s safety group led by starters Taylor Rapp and Damar Hamlin . Hyde’s return shouldn’t surprise anyone after the 33-year-old and the team spent the past eight months keeping the door open for such a possibility. "The leadership piece, for sure," McDermott said. “I’ve said this when he was here playing, he could go down to the bank at the corner and be the president of the bank just as easy as he could be the captain of the Buffalo Bills, right?” he added. “So he just has a unique way about him from a leadership standpoint of who he is as a person and his presence and the way he’s very adaptable to people and to his surroundings." Hyde is an 11-year NFL veteran who spent the previous seven seasons in Buffalo and was not re-signed in March after completing the final year of his contract. In considering retirement, Hyde noted he’d only play for Buffalo if he decided to resume his career. “We’re in a good spot, very confident in the guys that have played there all season long and have both done a nice job,” McDermott said of having no plans to shake up his safety group with Hyde's addition. “It’s about the team. It’s always about the team, and it’s never about one person. And in this case, Micah would not want that to be, in this case, about him.” Though it’s unclear if or when Hyde will play, the former defensive captain brings insight and leadership to a team that is off to a 10-2 start and coming off a division-clinching 35-10 win over the San Francisco 49ers. The Bills travel to play the Los Angeles Rams (6-6) on Sunday. After missing a majority of the 2022 season with a severe neck injury, Hyde returned to start 14 games last season. Hyde and Jordan Poyer formed the Bills starting safety tandem since they were among the first two players signed by the Bills in free agency in March 2017, months after McDermott was hired as coach. Poyer was released by Buffalo in March and now plays for Miami. Hyde spent his first four seasons in Green Bay before signing with Buffalo, where he earned second-team All-Pro honors in 2017 and 2021. AP NFL: https://apnews.com/hub/nflThis article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. Read this article for free: Already have an account? To continue reading, please subscribe: * This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. Read unlimited articles for free today: Already have an account? This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. ___ Author: Elizabeth Steyn, Assistant Professor of Law, Faculty of Law, University of Calgary The debate around deep seabed mining has been gaining attention as concerns mount about its potential impacts on ocean ecosystems. The ocean is host to countless species yet to be discovered, some of which could hold the key to breakthroughs in medicine. The impacts of deep seabed mining on ocean biodiversity are still uncertain. At worst, we face losing species without ever knowing them. For instance, one type of mining targets hydrothermal mounds, which are known to be unique ecosystems filled with extremophiles — sea life that has adapted to extreme conditions of heat and toxicity to thrive. It has long been known, then, that deep seabed mining is potentially bad news for ocean life. But deep seabed mining proponents use the language of “necessary sacrifice” to argue that the energy transition “will require trade-offs” for access to the necessary metals. This juxtaposition of biodiversity and the energy transition is a half-truth. While the climate and biodiversity crises are intertwined, we should beware of pitting one against the other. Yet this is exactly what proponents of deep seabed mining are doing. Into this fray come two recent studies published by Planet Tracker, a non-profit think tank focused on sustainable finance. In Race to the Bottom, Planet Tracker concludes that countries would receive minimal financial benefits from deep seabed mining. Mining for Trouble cautions that deep seabed mining would entail huge losses for mining economies. Before delving into the economics of deep seabed mining, it would be useful to understand where the demand is coming from. Energy transition 101 The basic building blocks of the energy transition are critical minerals. These are also known as critical energy transition minerals or critical raw materials. Battery metals such as nickel, cobalt, copper and manganese are particularly important, as they are used to power electric vehicles. With electric vehicle adoption expected to surge by 2040, demand for battery metals is projected to rise dramatically, which will likely lead to an increase in mining. According to the International Energy Agency, clean energy technology minerals are set to triple by 2030 and quadruple by 2040 in a net-zero energy scenario. But the accessible ores of many metals have already been mined. As a result, land-based mining is becoming more technically complex, geographically remote or complicated for other reasons. ‘Battery in a rock’ On the abyssal plains of the deep seabed, there are billions of tons of polymetalic nodules — metal-dense nodes containing nickel, cobalt, copper and manganese. Deep seabed mining organization The Metals Company has dubbed them “a battery in a rock” and plans to begin mining operations in the Clarion Clipperton Zone of the Pacific Ocean in June 2025. To date, issues raised about deep seabed mining mostly concern the lack of a governing regulatory framework, as well as uncertainties about its environmental, ecological and biodiversity impacts. Economic and social risk estimates have mainly focused on impacts to coastal communities who depend on fishing for their livelihoods. The recent Planet Tracker studies change this by highlighting the economic impacts of deep seabed mining. Economic impacts of deep seabed mining Deep seabed mining presents a number of financial challenges. One concern is the potential impact on metal prices. Flooding the metals markets with ocean-mined metals would likely drive down the price of the metals, which would impact the financial viability of the land-based mines that are currently producing them. There are also doubts about the demand for these metals in the quantities predicted. Battery technology is advancing rapidly, with alternatives like lithium iron phosphate batteries — used in 40 per cent of electric vehicles sold in 2023 — eliminating the need for cobalt and nickel. Emerging sodium-ion batteries are set to remove the need for copper. The financial benefits to the International Seabed Authority — an international organization that regulates mining in most of the world’s oceans — would also be marginal. Projections estimate that annual royalties distributed among member countries to the United Nations Convention on the Law of the Sea (UNCLOS) would range from US$42,000 to US$7.35 million. This amount reflects both deep seabed mining corporate income tax and royalties. In comparison, mining economies would lose more than US$560 billion annually in export earnings. This discrepancy arises because deep seabed minerals don’t belong to any jurisdiction and thus cannot be similarly taxed. Regulatory hurdles To obtain exploration licences for deep seabed mining, UNCLOS requires member states to sponsor a mining operator. While sponsoring states can impose royalties on operators, some arrangements, such as those involving The Metals Company and Nauru, are part of agreements that include no corporate income tax. This, Planet Tracker cautions, can give rise to a “race to the bottom” where member states vie to give operators the most favourable terms. Sponsoring states also face financial risks and can find themselves liable for large amounts when they can least afford it. Papua New Guinea, for example, was left to cover AU$157 million when Nautilus Minerals collapsed. Finally, the financial viability of deep seabed mining itself is questionable. Even if profitable, the environmental remediation costs for deep seabed mining could exceed the value of any metals mined — and the damage may not even be reversible. These financial and ecological concerns paint a bleak picture. Our oceans fulfil an important planetary role, both in terms of climate and in terms of biodiversity. Should we really disturb this balance with deep seabed mining when the numbers don’t even add up? ___ Elizabeth Steyn previously received funding from the United Nations Environment Programme (UNEP). She is affiliated with the Prospectors and Developers Association of Canada (PDAC), the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and the Natural Resources Law Teachers Institute (NRLTI). She is a board member of the Canadian Institute of Resources Law (CIRL), a Fellow of the Centre for Military, Security and Strategic Studies (CMSS) and an International Committee Member of the Foundation for Natural Resources and Energy Law (FNREL). ___ This article is republished from The Conversation under a Creative Commons license. Disclosure information is available on the original site. Read the original article: https://theconversation.com/deep-seabed-mining-bad-for-biodiversity-and-terrible-for-the-economy-243893 Advertisement Advertisement