SEC Chairman Jay Clayton Steps Down
Jay Clayton has resigned as chairman of the Securities and Exchange Commission on Wednesday.
Clayton previously had said that he would step down by the end of the year. He began his tenure in May 2017.
In a statement posted on the SEC’s website, Clayton said that he recently submitted a letter to President Donald Trump informing him that December 23 would be his last day as Chairman of the SEC.
As per reports, Trump will likely appoint either Hester Peirce or Elad Roisman, SEC’s Republican commissioners, as acting chairman. President-elect Joe Biden will pick a permanent successor to Clayton.
Further, the SEC announced that Sean Memon will conclude his tenure as the agency’s Chief of Staff in January 2021. Memon served as principal advisor to Chairman Clayton on legal, policy and management matters affecting each aspect of the agency’s mission.
In his letter, Clayton stated that Trump’s administration facilitated remarkably productive engagement across the federal financial regulatory community amid the COVID-19 pandemic.
Jio announces free domestic voice calls from Jan 1 as IUC regime ends
Over the last one year or so, Reliance Jio was charging customers 6 paise per minute.
With the interconnect usage charges (IUC) regime for domestic voice calls coming to an end, Reliance Jio on Thursday said that all calls from its network to other networks anywhere in India will be free from January 1, 2021.
As per the telecom regulator’s directions, ‘Bill and Keep’ regime is being implemented in the country from January 1, 2021, thereby ending IUC charges for all domestic voice calls, it said in a statement.
"Honouring its commitment to revert off-net domestic voice-call charges to zero, as soon as IUC charges are abolished, Jio will once again make all off-net domestic voice calls free, starting 1st January 2021. On-net domestic voice calls have always been free on the Jio network," it added.
Put simply, off-net calls refer to calls that terminate in other networks.
Over the last one year or so, Reliance Jio was charging customers 6 paise per minute for voice calls made to rival phone networks, but compensated subscribers by giving free data of equal value.
Midwestern Pet Foods Recalls Certain Pet Food Products Due To Potentially Fatal Levels Of Toxin
Midwestern Pet Foods Inc. has recalled certain lots of Sportmix pet food products that may contain potentially fatal levels of toxin “aflatoxin” that has been linked to the deaths of dozens of dogs.
Aflatoxin is a toxin produced by the mold Aspergillus flavus which can grow on corn and other grains used as ingredients in pet food. At high levels, aflatoxin can cause illness and death in pets.
The pet food company has recalled nine lots of Sportmix pet food products. Lot code information may be found on the back of bag and will appear in a three-line code, with the top line in format “EXP 03/03/22/05/L#/B###/HH:MM”, the U.S. Food and Drug Administration said in its website.
The FDA said it is aware of at least 28 deaths and eight illnesses in dogs that ate the recalled product.
The FDA advised that pet owners should stop feeding their pets the recalled products, remove the food and make sure no other animals have access to the recalled product.
The FDA and the Missouri Department of Agriculture are working with the pet food company to determine whether any additional products may have been made with the same ingredients containing potentially fatal levels of aflatoxin, the FDA said.
Tiffany Stockholders Approve Amended LVMH Merger Agreement – Quick Facts
LVMH Moët Hennessy Louis Vuitton SE (LVMHF.PK) announced that stockholders of Tiffany & Co. (TIF) have voted overwhelmingly to approve the modified merger agreement at a special meeting of stockholders that was held yesterday.
LVMH noted that the transaction is expected to close on January 7, 2021.
In late October, Tiffany agreed to accept a lower price of its acquisition by LVMH, ending a legal dispute between them. The new takeover price is $131.50 per share compared to the original takeover price of $135 per share.
Devon Energy And WPX Energy Shareholders Approve Merger Of Equals
Devon Energy Corp (DVN) and WPX Energy, Inc. (WPX) announced the shareholders of both companies voted in favor of all proposals necessary for the closing of previously announced all-stock merger of equals between Devon and WPX. Devon Energy specified that the merger is anticipated to close on January 7, 2021.
Under deal terms, WPX shareholders will receive a fixed exchange ratio of 0.5165 shares of Devon common stock for each share of WPX common stock owned.
At the special meeting of Devon shareholders, more than 70 percent of Devon shares were represented, and more than 99 percent of the votes cast were in favor of the transaction.
At the special meeting of WPX shareholders, more than 87 percent of WPX shares were represented, and more than 99 percent of the votes cast were in favor of the transaction.
Census Bureau To Miss Deadline, Jeopardizing Trump Plan
The Census Bureau plans to announce it will miss a year-end deadline for handing in numbers used for divvying up congressional seats, a census official said. That delay could undermine President Donald Trump’s efforts to exclude people in the country illegally from the count if the figures aren’t turned in before President-elect Joe Biden takes office.
A census official who was not authorized to speak publicly on the matter confirmed the delay to the Associated Press on Wednesday.
It will be the first time that the Dec. 31 target date is missed since the deadline was implemented more than four decades ago by Congress.
Internal documents obtained earlier this month by a House committee show that Census Bureau officials don’t see the apportionment numbers being ready until days after Biden is inaugurated on Jan. 20.
Once in office, Biden could rescind Trump’s presidential memorandum directing the Census Bureau to exclude people in the country illegally from numbers used for divvying up congressional seats among the states. An influential GOP adviser had advocated excluding them from the apportionment process to advantage Republicans and non-Hispanic whites.