YCLOAK

European Union environment and energy ministers on Monday agreed on renewable energy targets for 2030 ahead of negotiations next year with the European Parliament, which has called for more ambitious green energy goals.

Ministers said they would aim to source at least 27 percent of the bloc’s energy from renewables by 2030 — up from a target of 20 percent by 2020.

In October, the European Parliament called for this target to be increased to 35 percent, a level also put forward by a group of big technology, industry and power companies last week.

As part of the package of measures, ministers also agreed on the share of renewable fuels to be used in transport, while setting a cap on first-generation biofuels, which critics say compete for agricultural land with food.

EU member states set a 14 percent renewables target for fuels used in road transport by 2030, with bonuses given for the use of renewable electricity in road and rail transport.

The inclusion of rail into the renewable transport targets was criticized by the European Commission, as large parts of the European rail network are already electrified.

“The level of ambition is clearly insufficient,” Europe’s climate commissioner Miguel Arias Canete told ministers during negotiations.

The European Council and the European Parliament will need to find a compromise in talks over the final legal texts on these matters next year.

The EU’s renewables targets are part of a set of proposals to implement the bloc’s climate goals of reducing greenhouse gas emissions by at least 40 percent below 1990 levels by 2030, in the wake of the Paris Agreement to limit further global warming to no more than 2 degrees.

Ministers also reached a common position on a set of rules for the internal electricity market, such as the roll out of more sophisticated electricity meters to consumers and allowing grid operators to run energy storage facilities.
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Argentina’s Congress could pass a hotly debated pension reform measure Monday, lawmakers told reporters, as stone-throwing demonstrators gathered in the capital and the country’s main union called a 24-hour general strike to protest the proposal.

Debate on the bill was suspended Thursday amid violent protests, which were put down by police firing rubber bullets and tear gas. On Friday, the government amended the proposal to include a bonus payment to the most needy retirees.

But that did not satisfy thousands of opposition demonstrators who gathered around the congressional building again Monday as lawmakers debated the proposal inside.

The protesters, some wearing balaclavas, used sling shots to fire rocks at police. Security forces answered by using water cannons and tear gas, turning the vast lawn in front of the capital complex into a battlefield.

“This bill will put millions of retirees at risk. It changes the whole pension system,” Laura Rivas, a 34-year-old teacher, told Reuters, standing back from the most violent protest areas.

The day-long strike called by Argentina’s main CGT labor group started at noon local time (1500 GMT). It was not expected to affect the nation’s transportation system until late Monday night, allowing workers to get home in the afternoon.

The bill, key to President Mauricio Macri’s efforts to lower business costs and reduce Argentina’s fiscal deficit, has already passed the Senate, leaving the lower House to give final legislative approval. Opposition lawmakers said the one-time bonus amendment did little to persuade them to vote in favor.

“It will be a one-time bonus payment made in March,” opposition lawmaker Agustin Rossi told reporters, adding that the overall bill remained inadequate to meet pensioners’ needs.

Macri is aiming to cut the fiscal deficit to 3.2 percent of gross domestic product next year from 4.2 percent this year, and reduce inflation to between 8 percent and 12 percent from more than 20 percent this year.

The pension bill would change the formula used to calculate benefits. Payments would adjust every quarter based on inflation, rather than the current system of twice-yearly adjustments linked to wage hikes and tax revenue.

Economists say the current formula means benefits go up in line with past inflation. Left unchanged, that could harm Macri’s efforts to cut the deficit.

Under the new formula, benefits would increase by 5 percentage points above inflation, according to cabinet chief Marcos Pena. The plan would take effect at a time of lower inflation expectations and would slow the pace of pension benefit increases.
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Egypt’s economic prospects are looking brighter after the long-anticipated production of undersea gas from the al Zohr gas field began coming online in recent days.

Petroleum Minister Tareq al Molla tells Arab media the al Zohr field will be a major boon for the economy, saving $750 million to possibly several billion dollars a year in energy costs.

He says that the giant al Zohr gas field has a reserve of 30 trillion cubic feet and the first phase of production of 1.2 billion cubic feet per day is expected to be reached around mid 2018, with production being ramped up to 2.7 billion cubic feet per day by mid- to late 2019.

Italy’s ENI petroleum company is heading production of the al Zohr field, while the BP company is overseeing production of another large undersea gas field off Egypt’s Nile Delta region, known as al Nooros.

Al Molla told Egyptian media the al Nooros field presents an unexpected bonus.

Al Molla said he was expecting a production of 350 million cubic feet per day [from the al Nooros field], but production has reached 1.1 billion cubic feet per day, which came as a pleasant surprise.

Natural gas use

Egyptian consumers use natural gas for cooking, heating and running natural gas-powered vehicles. The government is also planning to produce more electricity with natural gas powered plants, now that water levels on the Nile are in danger of dropping from construction of a new dam in Ethiopia. Egypt’s Aswan High Dam produces electricity from Nile water.

Egyptian President Abdel Fattah el Sisi recently met with the leaders of Cyprus and Greece to discuss the prospects of economic cooperation, as Cypriot undersea gas is also brought online. Prospects of laying an undersea pipeline to Greece and exporting gas to Europe were also discussed.

He says the discovery of energy in the eastern Mediterranean could be an important factor in achieving stability and peace, in addition to the fact that these discoveries could supplement the energy needs of Europe and diversify its energy sources, adding to the strategic importance of countries like Egypt and Cyprus.

Contractual arrangements give Egypt 40 percent of the revenue from the al Zohr.

Georgetown University adjunct professor Paul Sullivan is cautious about Egypt’s natural gas windfall, telling VOA estimates of possible reserves are sometimes off the mark.

“What is actually in place is not the same amount of natural gas that can be taken out, and if they are talking about 500 million cubic feet per day, it could be 350, it could be 500, it could be 600,” Sullivan said. “There are lots of geological and other things that happen and pressures change, and frankly, inside of gas fields, it is hard to tell exactly what you are going to get out of them within five to 10 years.”

Sullivan says that al Zohr is “one of the biggest fields in the world discovered in the past 20 years,” but he added, “There is also a lot of competition in the area,” which could depress prices in the regional market. Israel has already been producing gas from its undersea natural gas reserves for some time, and Lebanon and Cyprus are in various stages of starting production.

 
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Parceling out holiday shopping in small amounts and completing it in a realistic schedule helps people maintain the self-control needed to avoid being swept away in impulse purchases that can wreck budgets, a study to be published in January said.

The study from Texas A&M University researchers looked at how well people complied with maintaining self-control for tasks such as making purchases and found that people should pace themselves if they want to accomplish larger goals.

“Try to conserve your energy. Don’t try to make it too hard on yourself because it is going to backfire,” said Marco Palma, director of the Human Behavior Laboratory at Texas A&M and co-author of the study called “Self-control: Knowledge or perishable resource?” It will be published in the Journal of Economic Behavior & Organization.

Palma recommended making a list and dividing it into sub-goals of small purchases. Shopping online and shopping early in the day can help conserve energy, which can also help people exercise self-control.

“Committing to a shopping list will help you stay on budget,” he said in an interview this week.

The worst shopping scenario in terms of self-control is waiting until the last minute to make the bulk of holiday purchases, he said.

The study used biometric data including eye tracking and brain scanning to measure how well people complied with easy and difficult tasks that required self-control.

It found that an initial moderate self-control act enhances subsequent self-control ability by increasing confidence and motivation, but exerting too much self-control drains subsequent self-control ability.

But humans are humans and even when they are nice, they can be a little bit naughty. A person who completes a holiday shopping list as planned may splurge with a little reward for themselves, Palma said.
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Peru’s president has acknowledged that he did “earn some money” from scandal-plagued Brazilian builder Odebrecht when his consulting business received payments from the builder more than 10 years ago

In a televised interview Sunday, Pedro Pablo Kuczynski characterized the payments as simply “dividends,” the result of business and investments the company earned in a year. “There is nothing hidden here,” he said.

Kuczynski, who is facing impeachment proceedings over alleged corruption, said during the interview that “it would have been much better,” if he had known about the transactions. He did not, however, admit to any wrongdoing and did not reveal how much he profited from his company’s dealings with Odebrecht.

Kuczynski has said he had no management duties in his consulting firm when it received nearly $800,000 from Odebrecht.

The president denied as recently as last month to having any links to Odebrecht.

Opposition lawmakers filed an impeachment motion against the president last week, saying he was morally unfit to lead the country after he resisted calls to resign over the alleged corruption.

Twenty-seven of 130 members of Peru’s Congress approved launching the process to oust the president during a special session on Friday.

Kuczynski vowed to fight on and not resign during a televised speech Thursday.

Odebrecht has shaken the politics across Latin America with its confession as part of a leniency deal last year that it gave kickbacks to officials in a dozen countries for more than a decade.

Peru’s opposition lawmakers control more than half of the seats in the country’s Congress, whose president, Luis Galarreta, said a vote on impeachment could take place this week.

If Kuczynski is removed from office, his first vice president would be next in line to the presidency.
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Another security based on the price of bitcoin, the digital currency that has soared in value and volatility this year, began trading on the Chicago Mercantile Exchange on Sunday.

The CME Group, which owns the exchange, opened up bitcoin futures for trading at 6 p.m. EST on Sunday. The futures contract that expires in January opened higher at $20,650, then declined steadily. The futures were trading at $18,775 at 9:00 p.m. EST, down $725.

The CME futures, like the ones that CME competitor the Cboe started trading last week, do not involve actual bitcoin. The CME’s futures will track an index of bitcoin prices pulled from several private exchanges. The Cboe’s futures track the price of bitcoin prices on the particular private exchange known as Gemini.

Each contract sold on the CME will be for five bitcoin.

As bitcoin’s price has skyrocketed on private exchanges this year, largely under its own momentum, interest on Wall Street has grown. The virtual currency was trading below $1,000 at the beginning of the year, and rose to more than $19,000 on some exchanges in the days leading up to its debut on the Cboe and CME. Bitcoin was trading at $18,417 Sunday evening on Coinbase.

But the growing interest in bitcoin has raised questions on whether its value has gotten too frothy. The Securities and Exchange Commission put out a statement last week warning investors to be careful with any investment in bitcoin or other digital currencies. Further, the Commodities Futures Trading Commission has proposed regulating bitcoin like a commodity, not unlike gold, silver, platinum or oil.

Futures are a type of contract where a buyer and seller agree on a price on a particular item to be delivered on a certain date in the future, hence the name. Futures are available for nearly every type of security out there, but are most familiarly used in commodities, like oil wheat, soy and gold.

Bitcoin is the world’s most popular virtual currency. Such currencies are not tied to a bank or government and allow users to spend money anonymously. They are basically lines of computer code that are digitally signed each time they are traded.

A debate is raging on the merits of such currencies. Some say they serve merely to facilitate money laundering and illicit, anonymous payments. Others say they can be helpful methods of payment, such as in crisis situations where national currencies have collapsed.
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Vietnam is set to auction up to a $5 billion stake in top brewer Sabeco on Monday, with Thai Beverage the only potential bidder to have expressed interest in a majority stake.

The keenly anticipated sale of the state-owned maker of Bia Saigon gained momentum in recent months after being hampered for years by political resistance, fickle policy-making and complications over valuations.

The government has set a minimum sale price of 320,000 dong or $14.10 a share for Saigon Beer Alcohol Beverage Corp (Sabeco), whose shares have nearly trebled to 309,200 dong since its listing a year ago.

Thai Beverage, through a partly owned Vietnam unit, is the only company that has expressed interest in owning more than 25 percent of the company, which has roughly 40 percent of the beer-loving Vietnamese market.

So far no formal bid had been made.

Vietnam’s young population and booming economy should make Sabeco an attractive asset for global brewers hoping to expand in Southeast Asia, but a high minimum bid price and foreign ownership limits appear to have turned off potential buyers.

Sabeco’s foreign ownership is capped at 49 percent. With 10 percent already in foreign hands, that leaves only 39 percent on the table for overseas buyers at Monday’s auction. Local bidders can bid for a majority stake of up to 54 percent. Heinken holds a 5 percent stake.

“There’s a disconnect between what the government wants to achieve and how international brewers view this auction,” said one person familiar with the matter. “In a normal auction, bidders are fully aware of what stake they’ll end up owning and bid for it accordingly,” said the person, who was not authorized to speak to the media.

Unlike similar sales in developed markets, where investors are whittled down over several rounds and offers can be adjusted, Sabeco bidders need to submit a single offer for a specific number of shares in a sealed envelope in one round.

Thai Bev, controlled by tycoon Charoen Sirivadhanabhakdi, was keen to acquire Sabeco as part of a strategy to expand outside its home market, sources told Reuters. The company had lined up bank guarantees to support the bid by its Vietnam unit, sources said.

There was no immediate response from Thai Bev to a query from Reuters.

Reuters previously reported that the auction was drawing the interest of brewing groups such as Anheuser-Busch InBev, Kirin Holdings, Asahi Group Holdings and San Miguel, but there is no clear sign of whether they have participated in the auction so far.

The government’s minimum price for the 54 percent stake on offer valued Sabeco at about 36 times core earnings, more than double the trading multiples of around 15 for some global peers, according to Reuters data.

Vietnam’s trade ministry is expected to announce the bidding result Monday afternoon.
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U.S. President Donald Trump continued to tout the Republican tax bill Saturday, saying “everybody’s going to benefit” if it is signed into law.

“But I think the greatest benefit is going to be for jobs and for the middle class, middle income,” Trump said to reporters on the White House South Lawn before departing for the presidential Camp David retreat in Maryland.

Republican Senate and House negotiators finalized a final version Friday of their compromise $1.5 trillion tax bill, after appeasing Republican Senator Marco Rubio, who demanded an expansion of the child tax credit that provides benefits for low-income families.

Republican lawmakers hammered out differences Wednesday between the House and Senate versions, and both chambers of Congress plan to vote on the final bill early next week, with the intent of submitting it to President Donald Trump for his signature before Christmas.  

Rubio said late Friday he would vote for the bill after saying one day earlier he would not support it unless it includes a more generous child tax credit, which has been  beneficial to lower-income families by partially offsetting the expenses of raising children.

The bill doubles the current child tax credit from $1,000 to $2,000 per child and allows parents to get a refund of up to $1,400 if the credit is greater than their federal income tax liability.

No Democratic support

No Democrats have publicly expressed their support for the legislation, which they have attacked as a giveaway to corporations and the wealthiest of taxpayers, including Trump, a billionaire.

The measure would cut taxes by $1.5 trillion over the next decade, heavily weighted toward lower corporate taxation, and perhaps add $1 trillion or more to the country’s long-term $20 trillion debt obligations to investors and foreign governments such as China – the largest owner of U.S. debt.

When asked about the debt, Trump responded by saying a new tax law will encourage inflows of overseas money. “This is going to bring money in. As an example, we think four trillion dollars will come flowing back into the country. That’s money that’s overseas, that’s stuck there for years and years.”

Trump administration officials say millions of individual taxpayers, but not everyone, would see their annual tax obligation to the government cut, in many cases by a few hundred dollars, or in the case of wealthy taxpayers, by thousands of dollars.

In  the final compromise bill, the individual tax rate for the highest income earners would be cut from 39.6 percent to 37 percent.

The country’s corporate tax rate, now at 35 percent and among the highest in the industrialized world, would be cut substantially to 21 percent.

With Democrat Doug Jones winning a special Senate election Tuesday in Alabama, Senate Minority Leader Charles Schumer has asked that the final tax vote be delayed until January after Jones is sworn in. But Republicans appear intent on voting before then while they have one more Republican vote in the Senate.

An original version of the Senate bill was approved 51-49 with Rubio’s support. So if Rubio votes against the bill, it could still pass, though with a narrower margin.

If approved and signed into law, the tax legislation would be the first major legislative achievement of Trump’s nearly 11-month presidency after he and Republicans failed earlier this year dismantle national health care policies championed by former president Barack Obama.
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British Finance Minister Philip Hammond said Saturday it is likely Britain will want to negotiate a bespoke arrangement for a future trade deal with the European Union, rather than copying existing arrangements like the Canada-EU deal.

The European Union agreed Friday to move Brexit talks onto trade and a transition pact, but some leaders cautioned that the final year of divorce negotiations before Britain’s exit could be fraught with peril.

Summit chairman Donald Tusk said the world’s biggest trading bloc would begin “exploratory contacts” with Britain on what London wants in a future trade relationship, as well as starting discussion on the immediate post-Brexit transition.

No off-the-shelf deal

Speaking in Beijing, Hammond it was probably not helpful to think in terms of off-the-shelf models like the Canada-EU deal.

“We have a level of trade and commercial integration with the EU 27 which is unlike the situation of any trade partner that the EU has ever done a trade deal with before,” he told reporters.

“And therefore it is likely that we will want to negotiate specific arrangements, bespoke arrangements,” Hammond added.

“So I expect that we will develop something that is neither the Canada model nor an EEA model, but something which draws on the strength of our existing relationship.”

The Brexit negotiations have been a vexed issue for the global economy as markets feared prolonged uncertainty would hit global trade and growth.

A transition period is now seen as crucial for investors and businesses who worry that a “cliff-edge” Brexit would disrupt trade flows and sow chaos through financial markets.

China visit

Hammond’s China visit is the latest installment in long-running economic talks between the two states, but it has now taken on new importance for Britain as it looks to re-invent itself as a global trading nation after leaving the EU in 2019.

China is one of the countries Britain hopes to sign a free trade agreement with once it leaves the EU, and London and Beijing have been keen to show that Britain’s withdrawal from the bloc will not affect ties.

Hammond sought to offer reassurance to Chinese firms post-March 2019 when Britain formally leaves the EU.

“We won’t technically or legally be in the customs union or in the single market, but we’re committed as a result of the agreement we’ve made this week to creating an environment which will effectively replicate the current status quo,” he said.

Addressing the press after Hammond had spoken, Chinese Vice Finance Minister Shi Yaobin said China hopes Britain and the EU can reach a win-win agreement.
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After weeks of quarrels and qualms and then 11th-hour horse-trading, Republicans revealed their huge national tax rewrite late Friday, along with announcements of support that all but guarantee approval next week.

The legislation would slash tax rates for big business and lower levies on the richest Americans in a massive $1.5 trillion bill that the GOP plans to pass through Congress before the year-end break. Benefits for most other taxpayers would be smaller.

“This is happening. Tax reform under Republican control of Washington is happening,” House Speaker Paul Ryan of Wisconsin told rank-and-file members in a conference call. “Most critics out there didn’t think it could happen. … And now we’re on the doorstep of something truly historic.”

According to the 1,097-page bill, today’s 35 percent rate on corporations would fall to 21 percent, the crown jewel of the measure for many Republicans. Trump and GOP leaders had set 20 percent as their goal, but added a point to free money for other tax cuts that won over wavering lawmakers in final talks.

Party’s first achievement of 2017

The legislation represents the first major legislative achievement for the GOP after nearly a full year in control of Congress and the White House. It’s the widest-ranging reshaping of the tax code in three decades and is expected to add to the nation’s $20 trillion debt. The debt is expected to soar by at least $1 trillion more than it would without the tax measure, according to projections.

Support is now expected from all Senate Republicans, ensuring narrow approval. Democrats are expected to oppose the legislation unanimously.

“Under this bill, the working class, middle class and upper middle class get skewered while the rich and wealthy corporations make out like bandits,” said Senate Minority Leader Chuck Schumer of New York. “It is just the opposite of what America needs, and Republicans will rue the day they pass this.”

The bill would drop today’s 39.6 percent top rate on individuals to 37 percent. The standard deduction, used by about two-thirds of households, would be nearly doubled.

Those who itemize their taxes face mixed results. The $1,000-per-child tax deduction would grow to $2,000. The bill makes a smaller amount — $1,400 — available to families even if they owe no income tax. The money would come in the form of a tax refund, which is why it’s called a “refundable” tax credit. In an earlier verison of the bill, the amount was $1,000.

But the deduction that millions use in connection with state and local income, property and sales taxes would be capped at $10,000. Deductions for medical expenses that lawmakers once considered eliminating would be retained.

Only on Friday did Republicans cement support for the major overhaul, securing endorsements from wavering senators.

Rubio, Corker relent

Marco Rubio of Florida relented in his high-profile opposition after negotiators expanded the child tax credit, and he said he would vote for the measure next week.

Rubio had been holding out for a bigger child tax credit for low-income families. After he got it, he tweeted that the change was “a solid step toward broader reforms which are both Pro-Growth and Pro-Worker.”

Senator Bob Corker of Tennessee, the only Republican to vote against the Senate version earlier this month, made the surprise announcement that he would back the legislation. Corker, the chairman of the Senate Foreign Relations Committee, has repeatedly warned that the nation’s growing debt is the most serious threat to national security.

Although he deemed the bill far from perfect, he said it was a once-in-a-generation opportunity.

“I realize this is a bet on our country’s enterprising spirit, and that is a bet I am willing to make,” Corker said.

Members of a House-Senate conference committee signed the final version of the legislation Friday, sending it to the two chambers for final passage next week. They have been working to blend the different versions passed by the two houses.

Republicans hold a 52-48 majority in the Senate, including two ailing senators who have missed votes this past week.

John McCain of Arizona, 81, is at a Washington-area military hospital being treated for the side effects of brain cancer treatment, and Thad Cochran, 80, of Mississippi had a non-melanoma lesion removed from his nose earlier this week. GOP leaders are hopeful they will be available next week.
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Two titans of U.S. business have come together to demand that Congress find an immediate solution for DACA recipients, whose legal immigration status will come to an end in March without intervention.

Charles Koch, chairman and chief executive of Koch Industries, and Tim Cook, chief executive of Apple, wrote in an opinion piece published Thursday in The Washington Post that “we strongly agree that Congress must act before the end of the year to bring certainty and security to the lives of dreamers. Delay is not an option. Too many people’s futures hang in the balance.”

Dreamers is another term for participants in the Deferred Action for Childhood Arrivals program, which has protected undocumented young people who were brought to the U.S. as children and provided them with work permits.

President Donald Trump ended the DACA program in September although it will not begin to phase out until March, 2018.

His action put the ball in Congress’ court to find a long term solution for dreamers.

In their op-ed piece, the two CEOs note that both of their companies employ DACA recipients. “We know from experience that the success of our businesses depends on having employees with diverse backgrounds and perspectives. It fuels creativity, broadens knowledge and helps drive innovation.”

Koch Industries encompass a variety of companies including manufacturing and refining of oil and chemicals. Forbes Magazine lists Koch as the second largest privately held company in the U.S. Apple is the world’s largest information technology company, producing such familiar products as the iPhone and the Mac computers.

‘Firmly aligned’ on DACA issue

Koch and Cook are as different politically as their companies. Deeply conservative, Charles Koch has made significant financial contributions to rightwing causes and mostly Republican candidates. Tim Cook has been more bipartisan in his donations but did host a fundraiser for Democrat Hillary Clinton when she was running for president.

“We are business leaders who sometimes differ on the issues of the day,” the two concede in their piece. “Yet, on a question as straightforward as this one, we are firmly aligned.”

Congress seems unlikely to provide a DACA solution by the end of the year.

While some Democrats have remained firm in linking the spending legislation to a measure that would allow nearly 800,000 DACA immigrants to continue to work and study in the United States, the effort seems to have lost momentum.

Speaking Wednesday to a group of DACA recipients, Democratic Senator Richard Durbin of Illinois said he wished he could “tell you that we’re totally confident we can get it done. I can’t say that. I don’t want to mislead you.” Durbin is a co-sponsor of the DREAM Act which would protect DACA recipients.

Republican lawmakers have maintained that there is no reason to act on DACA in 2017.

“There is no emergency. The president has given us until March to address it,” Senate Majority Leader Mitch McConnell, a Kentucky Republican, said Sunday on ABC’s This Week program. “I don’t think Democrats would be very smart to say they want to shut down the government over a nonemergency that we can address anytime between now and March.”

But that was said before a major Republican donor urged immediate action.

“We have no illusions about how difficult it can be to get things done in Washington, and we know that people of good faith disagree about aspects of immigration policy,“ Koch and Cook write.

“By acting now to ensure that dreamers can realize their potential by continuing to contribute to our country, Congress can reaffirm this essential American ideal.

“This is a political, economic and moral imperative.”

 
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Walt Disney Co on Thursday agreed to buy film, TV and international assets from Rupert Murdoch’s Twenty-First Century Fox Inc for $52.4 billion as Disney seeks greater scale to tackle growing competition from Netflix and Amazon.com.

Under the terms of the all-stock deal, Disney acquires significant assets from Fox, including the studios that produce the blockbuster Marvel superhero pictures and the “Avatar” franchise, as well as hit TV shows such as “The Simpsons”.

Fox shareholders will receive 0.2745 Disney shares for each share held. This translates to a value of $29.50 per share for the assets that Disney is buying, Reuters calculations based on Disney’s Wednesday market closing price show.

Immediately prior to the acquisition, Fox will separate the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2 and Big Ten Network into a newly listed company that will be spun off to its shareholders.

The deal ends more than half a century of expansion by Murdoch, 86, who turned a single Australian newspaper he inherited from his father at the age of 21 into one of the world’s most important global news and film conglomerates.

Disney Chief Executive Bob Iger, 66, will extend his tenure through the end of 2021 to oversee the integration of the Fox businesses. He has already postponed his retirement from Disney three times, saying in March he was committed to leaving the company in July 2019.

Disney will also assume about $13.7 billion of Fox’s net debt in the deal.

Through Fox’s stake in the Hulu video streaming service, Disney will assume majority control of one of Netflix Inc’s main competitors. Hulu is also partially owned by Comcast Corp and Time Warner Inc.

Shares in both Disney and Fox were up nearly 1 percent in premarket trading.
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The European Union’s leaders are due to say Friday that the Brexit talks with Britain can move on to the next phase to include the key topic of trade, according to a draft statement seen by The Associated Press.

The progress comes after the sides reached a deal on the preliminary divorce issues, such as the status of Britain’s physical border with EU member Ireland. The EU had long said it wanted a deal on Britain’s exit terms before broadening the talks to include the subject of future relations.

British Prime Minister Theresa May will address EU leaders at a two-day summit on Thursday evening and welcome progress in the Brexit talks. But she is not expected to remain in Brussels on Friday when the leaders give the green light to broaden the negotiations.

The draft statement says that progress made in Brexit talks “is sufficient to move to the second phase” to discuss future relations and trade.

In the statement, which could be modified before Friday, the leaders emphasize the importance of organizing a transition period, probably of around two years, to ease Britain out of the EU from 2019.

That would buy time for all sides. Britain will leave the EU on March 29, 2019 but the Brexit negotiations must be wrapped up by the fall of 2018 to leave time for individual EU parliaments to endorse any agreement.

During a transition period, Britain will have no seat at the EU’s table, no lawmakers in the European Parliament, and no judges in the bloc’s courts. But it will still be bound by European law, without having any say in decision-making, and the European Court of Justice will remain the final arbiter of any disputes.

Britain during this period “will no longer participate in or nominate or elect members of the EU institutions, nor participate in the decision-making of the Union bodies, offices and agencies,” the draft statement says.

Ahead of the summit, Britain’s chief Brexit negotiator said Thursday that a situation in which the U.K. crashes out of the EU without a deal has become “massively less probable” because of a preliminary agreement reached last week.

Brexit Secretary David Davis told lawmakers that a “no-deal” Brexit was now extremely unlikely, although “we continue to prepare for all outcomes.”

The British government is hailing progress in Brussels, but faces trouble at home over Brexit. Late on Wednesday, lawmakers won a House of Commons vote giving Parliament the final say on any deal with the EU.

 
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Revenge is sweet for the makers of France’s traditional “calisson” candies, who have won a months-long legal battle with a businessman who trademarked the product’s name in China.

The lozenge-shaped sweets, made of a mixture of candied fruit and ground almonds topped with icing, are widely enjoyed in France’s southern Aix-en-Provence region.

Their makers were none too pleased when Chinese entrepreneur Ye Chunlin spotted a sweet opportunity in 2015 to register the “Calisson d’Aix” name for use at home, as well as its Mandarin equivalent, “kalisong”.

The trademark was set to be valid until 2026, sparking angst among Provence’s sweetmakers who worried Ye’s move could have barred them from entering the huge Chinese market.

But China’s copyright office rejected Ye’s claim to the brand name in a decision seen by AFP on Wednesday, which said his request to use the label “could confuse consumers on the origin of the products”.

Laure Pierrisnard, head of the union of calisson makers in Aix, hailed the news as “a real victory”.

The union has fought the case for months in the name of 12 sweetmakers, accusing Ye of “opportunism.”

It is not uncommon for Western brands to try to crack the Chinese market only to find that their name or trademark has been registered by a local company.

An enterprising Chinese businessman in 2007 registered the brand name “IPHONE” for use in leather products, to the great displeasure of Apple, which lost a court case against him.

The courts similarly backed a Chinese company that wanted to use the name of sneaker brand New Balance.

Ye, who is from the eastern province of Zhejiang, did not respond to the French sweetmakers’ objections to Chinese authorities.

But he insisted in late 2016 that he acted in good faith, telling AFP he was “a salesman who does business within the rules.”

As far as French producers are aware, calissons have never rolled off a factory line in China.

Some makers, dreaming of the international success enjoyed by their rival the macaron, are seeking to expand abroad, including to the enticing Chinese market.

The Roy Rene chain – owned by Olivier Baussan, the entrepreneur behind Province’s best known brand internationally, L’Occitane cosmetics — has stores in Miami and Canada, and is eyeing Dubai.

The company says it has been contacted by several investors over the course of the Chinese court case seeking to bring the sweets to China.

The affair has also re-energized makers of the dainty candies in their bid for special European status as a product that comes specifically from Provence.

Beijing has already recognized the status of 10 such European foods, including France’s Comte and Roquefort cheeses and Italy’s Parma ham, as well as 45 different wines from Bordeaux.

Aix-en-Provence produces about 800 tons of calissons every year.

 
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Tanzanian president John Magufuli ordered the central bank on Wednesday to tighten controls on the movement of hard currency and take swift action against failing banks in a bid to tackle financial crimes and protect the local shilling currency.

The move comes as the International Monetary Fund (IMF) called on Tanzania to speed up reforms and spend more to prevent a slowdown in one of the world’s fastest-growing economies.

Magufuli pledged to reform an economy hobbled by red tape and corruption and begin a program to develop public infrastructure after he was elected in 2015.

“We now have some 58 banks in Tanzania, the [central] Bank of Tanzania should closely monitor these banks and take swift action against failing institutions. It’s better to have a few viable banks than many failing banks,” he said in a statement issued by his office.

“I also want restrictions on the use of U.S. dollars. As I speak, $1 million cash was confiscated at the … [main] airport in Dar es Salaam and there is no explanation on the movement of this money into the country. We have to be careful.”

Magufuli said his government was taking several monetary policy measures to improve lending to the private sector, and this had already started to ease pressure on shilling liquidity.

The IMF said late on Tuesday that Tanzania’s banking sector remained well-capitalized, but some small and mid-sized banks face a sizable reduction in capitalization ratios.

It said that progress has been slow, while a lack of public spending — coupled with private sector concerns over policy uncertainty — was curtailing growth in East Africa’s third-biggest economy.

“Improvements in the business environment — policy predictability based on a strong dialog with the private sector, regulatory reforms, timely payment of value-added tax [VAT] and other tax refunds, and eliminating domestic arrears — must be pursued with urgency,” the IMF said late on Tuesday.

Tanzania’s economy grew at an annual rate of 6.8 percent in the first half of this year from 7.7 percent in the same period in 2016.

The economy has been growing at around 7 percent annually for the past decade, but the World Bank said in November growth will likely slow to 6.6 percent in 2017.

The IMF said a sharp fall in lending to the private sector, prompted by high non-performing loans, pointed to a continued slowdown in growth.

In June, the IMF said Tanzania may have to delay implementing some of its infrastructure projects because its revenue expectations for 2017-2018 may not be achieved.

In a bid to profit from its long coastline, Tanzania wants to spend $14.2 billion over the next five years to build a 2,560 km (1,590 mile) railway network, part of plans that also include upgrading ports and roads to serve growing economies in the region.

The IMF said subdued government revenue collection and delays in securing financing for projects have held back development spending and hurt economic growth.
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The United States, European Union and Japan vowed Tuesday to work together to fight market-distorting trade practices and policies that have fueled excess production capacity, naming several key features of China’s economic system.

In a joint statement that did not single out China or any other country, the three economic powers said they would work within the World Trade Organization and other multilateral groups to eliminate unfair competitive conditions caused by subsidies, state-owned enterprises, “forced” technology transfer and local content requirements.

The move was a rare show of solidarity with the United States at a World Trade Organization meeting dominated by differences over U.S. President Donald Trump’s “America First” trade agenda and U.S. efforts to stall the appointment of WTO judges.

It reflected growing frustration among industrial countries over China’s trade practices, along with concerns that other developing countries will follow Beijing’s lead.

The statement said protectionist practices “are serious concerns for the proper functioning of international trade, the creation of innovative technologies and the sustainable growth of the global economy.”

EU Trade Commissioner Cecilia Malmstrom said China’s industry subsidies, including for aluminum and steel, were flooding global markets and hurting European workers in a “very, very dramatic” way.

“There’s no secret that we think that China is a big sinner here, but there are other countries that are as well,” Malmstrom told reporters on the sidelines of a business forum.

In the opening session of the WTO ministerial conference in Buenos Aires on Monday, the United States and Japan criticized a lack of transparency in some WTO members’ trade practices, a thinly veiled swipe at Beijing.

China, meanwhile, appealed for members to “join hands” and uphold WTO rules to protect globalization in the face of rising protectionism.

The joint statement came after Japan approached the European Union and the United States about overcapacity, according to an EU source, with both Tokyo and Brussels concerned about the possibility the Trump administration could act unilaterally.

“There is a thought that if we bring them into the fold, and can work jointly with them, then it reduces the risk of them going alone,” the source said.

​’Playing by the rules’

Washington, Brussels and Tokyo have previously raised complaints about China’s excess production capacity in a number of industrial sectors that has pushed down world prices and caused layoffs elsewhere.

The United States recently sided with the EU in arguing that such distortions mean the WTO should not grant China market economy status, a move that would severely weaken their trade defenses.

“We have been … reaching out to China to tell them they really must start playing by the rules,” Malmstrom told reporters.

The EU’s and Japan’s willingness to cooperate with the Trump administration comes despite disagreements over the role of the WTO and the future of multilateral trade deals. 

Trump has expressed his preference for bilateral negotiations, and his trade rhetoric has cast a cloud over the WTO meeting.

Efforts on Tuesday to make progress on a ministerial statement from all 164 WTO members were unsuccessful, since one country could not agree on the language, WTO spokesman Keith Rockwell told reporters, declining to name that country.

U.S. officials last month blocked WTO efforts to draft a statement of unity over the “centrality” of the global trading system and the need to aid development.

A spokeswoman for the office of the U.S. trade representative could not be immediately reached for comment.

The Trump administration is considering several unilateral tariff actions on steel, aluminum and China’s intellectual property practices that are likely to draw disputes from WTO members.
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The African Export and Import Bank has pledged up to $1.5 billion in new loans and financial guarantees to Zimbabwe in a major boost for new President Emmerson Mnangagwa’s government, the bank’s president and chairman said Tuesday.

Mnangagwa, who took over last month after veteran autocrat Robert Mugabe quit following a de facto military coup, has vowed to focus on reviving the struggling economy and provide jobs in a nation with an unemployment rate exceeding 80 percent.

Afreximbank was the only international lender that stood by Zimbabwe throughout Mugabe’s repressive 37-year rule, but its quick announcement of a fresh package of loans and guarantees appeared to be a vote of confidence in the new government.

Cairo-based Afreximbank was a major funder of Zimbabwe while the country was cut off from the International Monetary Fund and World Bank for having defaulted on its debt in 1999.

Bank president and chairman Okey Oramah told reporters after a meeting with Mnangagwa and senior government officials that Afreximbank would provide $150 million to local banks to help them pay for outstanding critical imports.

“We also discussed a number of other areas that involve additional investment from us for something that will be in the order of $1 billion to $1.5 billion that will include certain kinds of guarantees to encourage investors to come to Zimbabwe.

“We … want to make sure that we support the stabilization of the economy, that means providing liquidity to make sure that the situation where people are rushing every time to look for cash is dealt with,” Oramah said.

In August, before Mugabe’s ouster, Afreximbank provided $600 million to help Zimbabwe pay for imports and $300 million to allow it to print more “bond notes,” a quasi-currency that officially trades on par with the U.S. dollar.

Zimbabwe has a foreign debt of more than $7 billion and in September said it would not be able to pay $1.8 billion in arrears to the World Bank and African Development Bank until economic fundamentals improved.

The southern African nation, which dumped its hyperinflation-hit currency in 2009, is struggling with a severe dollar crunch that has seen banks fail to avail cash to customers while importers struggle to pay for imports.

Finance Minister Patrick Chinamasa promised in a budget speech last week to re-engage with international lenders, curb spending and attract investors to revive the economy.

On Tuesday, Chinamasa described Afreximbank as a “pillar of strength” and said the economy was “in for some very good times.”
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A project in the Philippines that used debris to rebuild typhoon-ravaged houses and Californian homes providing year-round housing for migrant workers won one of the world’s most prestigious housing awards on Tuesday.

The development charity CARE used innovative techniques, such as teaching building skills to residents and using wreckage from destroyed homes, to rehouse more than 15,000 Filipino families devastated in 2013 by Typhoon Haiyan.

“This is the first time self-recovery has been used on such a large scale,” said David Ireland, director of British charity World Habitat, which co-hosts the World Habitat Awards together with the United Nations (U.N.) settlement program, UN-Habitat.

“It has helped more people, more quickly, than traditional disaster recovery programs. The potential of this approach to be used elsewhere is absolutely huge.”

The winners of the competition, which was established in 1985, received 10,000 pounds and opportunities to share their ideas around the world.

The second winner was Mutual Housing, a not-for-profit affordable housing developer in Yolo County in northern California, which built the first permanent year-round homes for seasonal fruit and vegetable pickers.

Tens of thousands of workers are brought in from Central America at harvest time to do low-wage jobs, often living in sub-standard houses in government-funded migrant centers.

“It has been a complete 180 degree turn since we’ve been living here,” said Saul Menses, who moved into one of Mutual Housing’s 62 apartments and houses in Spring Lake, some 60 miles (97 km) northeast of San Francisco, in 2015.

“For five years, we lived in an apartment there that was very cold and in poor condition. My wife had to board the windows up with tape and unclog the sink daily.”

The Spring Lake houses are the United States’ first certified zero-energy rental homes, meaning they consume less energy than they produce, using solar power, efficient lights and drought-resistant landscaping.

Seasonal work also disrupts family life for the estimated 6,000 migrants who come to Yolo County for the harvest, making it difficult for children to stay in one school. The new houses are less than 1 km from a secondary school and other services.

“Seasonal agricultural laborers are one of the most marginalized groups in the USA,” said World Habitat’s Ireland. “Mutual Housing California have managed to help a group not normally reached and proven that you don’t have to be a homeowner or on a high income to embrace green lifestyles.”
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India’s small farmers are better equipped than large landowners to deal with climate change, but need more support to find innovative ways to minimize the impacts of higher temperatures, uneven rainfall, floods and droughts, analysts said.

About 60 percent of India’s population of 1.3 billion depends on agriculture for a living. More than three quarters of farmers cultivate than 2 hectares (5 acres) of land each.

While the small size of the land holding is often seen as a challenge to raising incomes, it is an advantage when it comes to tackling extreme weather and rising temperatures, said Arindom Datta, Asia head of sustainability banking at Rabobank.

Mono cropping

“Large farmers tend to do mono cropping, which is far more vulnerable to climate change, and more difficult to change and adapt as the situation demands. Plus they need more water, another resource under threat from warmer weather,” he said.

“Small farmers are far more versatile; they usually plant multiple varieties of crops, so they are more flexible and better able to adjust and adapt,” he told the Thomson Reuters Foundation.

Prime Minister Narendra Modi has promised to double farmers’ incomes over the next five years, with reforms including better irrigation, crop insurance and higher prices for crops.

​Size of land holdings drop 

Poor prices for grains and cereal have led to mounting piles of debt for Indian farmers, triggering thousands of suicides every year. More than two-thirds of farmers who committed suicide were small and marginal farmers, data show.

The average size of land holdings in rural India has halved over the past two decades as land is passed down from father to son, and as more land is surrendered for development projects.

While a law caps the amount of land that can be owned by individual farmers, several states have introduced leasing laws to enable farmers to increase the land under cultivation.

Training for women farmers

But smaller land holdings are better suited if the government invests in training — particularly for women — on topics such as traditional grains such as millets, said Ishira Mehta, founder of CropConnect Enterprises, which links farmers to markets.

“With rising temperatures, we may not be able to grow basmati rice or wheat 20 years from now; we need to revive traditional grains that are more climate resilient,” she said.

“Women farmers in particular are more adaptable, more willing to learn about new harvest and marketing methods. But they cannot tackle the problem on their own.”

Farmers in the southern state of Tamil Nadu are already returning to indigenous varieties of rice and traditional seeds as the region suffers more frequent droughts.
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Treasury Secretary Steven Mnuchin said Monday he is making a second emergency move to keep the government from going above the debt limit while awaiting congressional action to raise the threshold.

In a letter to congressional leaders, Mnuchin said he will not be able to fully invest in a large civil service retirement and disability fund. Skipped investments will be restored once the debt limit has been raised, he said.

In September, Congress agreed to suspend the debt limit, allowing the government to borrow as much as it needed. But that suspension ended Friday.

The government said the debt subject to limit stood at $20.46 trillion on Friday. Mnuchin has said he will employ various “extraordinary measures” to buy time until Congress raises the limit.

The Congressional Budget Office estimated in a recent report that Mnuchin has enough maneuvering room to stay under the limit until late March or early April.

If Congress has not acted before Mnuchin has exhausted his bookkeeping maneuvers, the government would be unable to borrow the money it needs to meet its day-to-day obligations, including sending out Social Security and other benefit checks and making interest payments on the national debt.

In August 2011, a standoff between Congress and the Obama administration over raising the borrowing limit came down to the wire and prompted the Standard & Poor’s credit rating agency to impose the first-ever downgrade of the government’s credit rating.

Raising the debt limit is a separate issue from the need for Congress to pass a spending bill to cover government operations. A failure to pass a spending bill triggers a partial government shutdown but does not carry the potential catastrophic market disruptions that a failure to raise the debt limit poses.

In his new letter, Mnuchin said, “I respectfully urge Congress to protect the full faith and credit of the United States by acting to increase the statutory debt limit as soon as possible.”
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The U.S. Supreme Court on Monday refused to hear an appeal by a Georgia security guard who said she was harassed and forced from her job because she is a lesbian, avoiding an opportunity to decide whether a federal law that bans gender-based bias also outlaws discrimination based on sexual orientation.

The justices left in place a lower court ruling against Jameka Evans, who had argued that workplace sexual orientation discrimination violates Title VII of the landmark Civil Rights Act of 1964.

Workplace protections are a major source of concern for advocates of rights for lesbian, gay, bisexual and transgender people.

Gregory Nevins, an attorney at Lambda Legal, an LGBT legal advocacy group representing Evans, said it was unfortunate the court turned away the case. Lambda Legal had cited language in the Supreme Court’s landmark 2015 ruling legalizing same-sex marriage nationwide to support their argument.

“The vast majority of Americans believe that LGBT people should be treated equally in the workplace,” Nevins said.

The case hinged on an argument currently being litigated in different parts of the United States: whether Title VII, which bans employment discrimination based on sex, also outlaws bias based on sexual orientation. Title VII also bars employment discrimination based on race, color, religion and national origin.

Lower courts are divided over the issue, making it likely the Supreme Court eventually will hear a similar case. In April, a Chicago-based federal appeals court found that Title VII does forbid job discrimination based on sexual orientation.

The U.S. Equal Employment Opportunity Commission, an independent federal agency that enforces Title VII, had argued since 2012, during Democratic former President Barack Obama’s administration, that bias against gay workers violates that law.

In July, Republican President Donald Trump’s administration argued the opposite in a separate case before a New York federal appeals court.

Evans in 2015 sued Georgia Regional Hospital at Savannah, a psychiatric facility, and several of its officials.

She alleged that while she worked there from 2012 to 2013, her supervisor tried to force her to quit because she wore a male uniform and did not conform to female gender stereotypes.

She said the supervisor asked questions about her relationships, promoted a junior employee above her, and slammed a door into her body.

In March, the Atlanta-based 11th U.S. Circuit Court of Appeals sided with the hospital, saying only the Supreme Court can declare that Title VII’s protections cover gay workers.

On Monday, a spokeswoman for Georgia’s attorney general, whose office represented the defendants, had no immediate comment.
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Free-trade talks between the European Union and South American trade bloc Mercosur still face hurdles over beef and ethanol, and an expected deal announcement this week might not happen, officials involved in negotiations said on Monday.

Mercosur diplomats involved in the talks on the sidelines of the World Trade Organization minister’s meeting in Buenos Aires said EU officials had not presented improved offers on EU tariff-free imports of South American beef and ethanol as promised.

“Basically, they want us to show our cards before they show theirs,” a senior diplomat from a Mercosur country told Reuters, asking not to be named due to the sensitive stage of the negotiations.

Resistance by some EU member states to agricultural imports, such as Ireland and France, has delayed negotiation of the free trade agreement with Mercosur that seeks to liberalize trade and investment, services and access to public procurement.

Brazilian President Michel Temer, speaking to reporters after attending the opening of the WTO meeting on Sunday, said an announcement of the framework political agreement for the

EU-Mercosur deal might have to wait until Dec. 21, when the bloc’s presidents meet in Brasilia.

A spokeswoman for the Argentine Foreign Ministry said agreement on the conclusion of the negotiations that have gone on for almost two decades could still be reached by Wednesday in Buenos Aires or, if not, next week in Brazil.

Besides disagreement over the tonnage of beef that EU countries would allow in each year free of tariffs, EU diplomats have said rules of origin still have to be included in the provisional political accord.

Brazil has said that can be worked out in the coming months before a final agreement is signed sometime in mid-2018. Brazil’s foreign ministry played down the hurdles to a deal.

“There is very little left to negotiate and they are not fundamental issues,” said an official, who requested anonymity. “There will be a deal and it will be announced when it is struck, here or in Brasilia.”

Mercosur members Brazil, Argentina, Paraguay and Uruguay are pushing for an improvement on the EU offer of tariff-free imports for 70,000 tons a year of beef and 600,000 tons of ethanol a year.

They complain that it is lower than the 100,000-tons beef offer the EU made in 2004, though EU negotiators say Europeans eat less meat today.

The Irish Farmers Association has called the deal “toxic” and opposes any increase.

 
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The European Union’s top five economies are warning the United States that its massive tax overhaul could violate some of its international obligations and risks having “a major distortive impact” on trade.

In a letter to U.S. Secretary of the Treasury Steven Mnuchin, the finance ministers of Germany, France, Britain, Italy and Spain wrote they had “significant concerns” about three tax initiatives in particular.

In the letter, seen by The Associated Press, the five wrote that “it is important that the U.S. government’s rights over domestic tax policy be exercised in a way that adheres with international obligations to which it has signed-up.”

EU nations have been warily eyeing President Donald Trump’s domestic tax proposals as they made their way through Congress and have long expressed fears they might hurt world trade and EU companies in particular.

“The inclusion of certain less conventional international tax provisions could contravene the U.S.’s double taxation treaties and may risk having a major distortive impact on international trade,” the five wrote.

They specifically targeted the so-called Base Erosion and Anti-abuse Tax (or BEAT) Senate bill. This measure aims to combat what is called base erosion and profit shifting, the practice by some multinationals to avoid tax by exploiting mismatches in countries’ tax rules to artificially report their profits in countries with low or no taxes.

The finance ministers lauded the measure’s aim to ensure companies pay their fair share in taxes to the U.S. But they said that under the current plans, the measures would also hurt genuine commercial deals. In the financial sector in particular, “the provision appears to have the potential of being extremely harmful for international banking and insurance business.”

They said it “may lead to significant tax charges and may harmfully distort international financial markets.”

The EU’s 28 finance ministers had already expressed concern about the U.S. plans during a meeting last week, but now its five biggest economies have gone ahead with their own warning.

In Washington, Republicans are upbeat about finalizing the tax bill from the House and Senate versions for Trump’s first major legislative accomplishment in nearly 11 months in office.

Trump has set a Christmas deadline for signing the bill into law, giving lawmakers named to a special conference committee two weeks to iron out major differences in the House and Senate versions of the legislation. The conference committee has scheduled its first formal meeting for Wednesday.

Both measures would cut taxes by about $1.5 trillion over the next decade while adding billions to the $20 trillion deficit, combining steep tax cuts for corporations with more modest reductions for most individuals. Together, the changes would amount to the biggest overhaul of the U.S. tax system in 30 years, touching every corner of society.
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Celebrity chef Mario Batali said on Monday that he has stepped away from his restaurant company and ABC said it asked him to step aside as co-host of a daytime food and talk show after he was accused of sexual harassment in a report by an online food trade publication.

Eater New York reported that four women, who were not identified, accused Batali of touching them inappropriately in a pattern of behavior that spanned at least two decades. Three worked for the chef during their careers, according to Eater New York.

Batali said in a statement emailed by his representative Risa Heller, “I apologize to the people I have mistreated and hurt. Although the identities of most of the individuals mentioned in these stories have not been revealed to me, much of the behavior described does, in fact, match up with ways I have acted.”

“That behavior was wrong and there are no excuses,” he said.

“I take full responsibility and am deeply sorry for any pain, humiliation or discomfort I have caused.”

Reuters could not independently confirm the accusations.

Batali said in the statement that he was stepping away from day-to-day operations of his businesses as he works to regain people’s trust and respect.

Batali’s reputation as a master of seasonal Italian food turned him into a restaurant executive, television star, cookbook author and one of the world’s most recognizable chefs.

He premiered on Food Network in 1997 on the show “Molto Mario” and in 2011 helped launch “The Chew” on ABC.

B&B Hospitality Group, which services about 24 restaurants owned by Batali and other chefs, said in an emailed statement that it takes such accusations seriously.

“We have had systematic policies and training about sexual harassment for over 10 years, including a detailed procedure for employees to report complaints to senior management,” B&B Hospitality Group said. “All members of management have participated in these trainings, including Mr. Batali.”

“Mr. Batali and we have agreed that he will step away from the company’s operations, including the restaurants, and he has already done so,” the company said in the statement.

The ABC Television Network, a unit of Walt Disney, said in a statement, “We have asked Mario Batali to step away from The Chew while we review the allegations that have just recently come to our attention.”

“ABC takes matters like this very seriously as we are committed to a safe work environment. While we are unaware of any type of inappropriate behavior involving him and anyone affiliated with the show, we will swiftly address any alleged violations of our standards of conduct.”

Food Network said in an emailed statement that it was suspending plans to relaunch “Molto Mario” in light of the accusations.
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