Latest news with #Hart-Scott-RodinoAct
TimesLIVE
6 days ago
- Business
- TimesLIVE
Trump revokes Biden-era order on competition, White House says
US President Donald Trump on Wednesday revoked a 2021 executive order on promoting competition in the US economy issued by his predecessor Joe Biden, the White House said. The move by Republican Trump further unwinds a signature initiative by Biden, a Democrat, to crack down on anticompetitive practices in sectors from agriculture to drugs and labour. The justice department welcomed Trump's revocation of the order, saying it was pursuing an 'America First Antitrust' approach focused on free markets instead of what it called the 'overly prescriptive and burdensome approach' of the Biden administration. It said it was also making progress in streamlining the Hart-Scott-Rodino Act (HSR) review process of mergers and reinstating more frequent use of targeted and well-crafted consent decrees. Biden signed a sweeping executive order in July 2021 to promote more competition in the US economy as part of a broad push to rein in what his administration described as a pattern of corporate abuses, ranging from excessive airline fees to large mergers that raised costs for consumers. The initiative, which was very popular with Americans, was championed by top Biden economic officials, many of whom had previously worked for or with Senator Elizabeth Warren, who played a key role in creating the Consumer Financial Protection Bureau under former President Barack Obama. Trump has attacked that agency since taking office, announcing plans to shrink its workforce by 90%. Those moves have cost Americans at least $18bn in higher fees and lost compensation for consumers allegedly cheated by major companies, according to an analysis released in June by the Student Borrower Protection Center and the Consumer Federation of America. Hannah Garden-Monheit, who was the director of competition policy under Biden, said Trump's move undercuts his promise to protect the Americans who need it the most. 'This shows President Trump's claim he would 'Make America Competitive Again' was a sham. Instead of enforcing the competition laws, he's throwing Main Street businesses and workers under the bus while doing favours for the rich and powerful,' Garden-Monheit said.
Economic Times
6 days ago
- Business
- Economic Times
Trump revokes Biden-era order on competition, White House says
U.S. President Donald Trump has revoked a 2021 executive order signed by President Joe Biden that aimed to promote competition across key sectors of the U.S. economy. Biden's order had targeted anti-competitive practices in industries like agriculture, pharmaceuticals, and labor, and was a cornerstone of his economic agenda. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads U.S. President Donald Trump on Wednesday revoked a 2021 executive order on promoting competition in the U.S. economy issued by his predecessor Joe Biden, the White House move by Republican Trump further unwinds a signature initiative by Biden, a Democrat, to crack down on anti-competitive practices in sectors from agriculture to drugs and Justice Department welcomed Trump's revocation of the order, saying it was pursuing an " America First Antitrust " approach focused on free markets instead of what it called the "overly prescriptive and burdensome approach" of the Biden said it was also making progress in streamlining the Hart-Scott-Rodino Act (HSR) review process of mergers and reinstating more frequent use of targeted and well-crafted consent signed a sweeping executive order in July 2021 to promote more competition in the U.S. economy as part of a broad push to rein in what his administration described as a pattern of corporate abuses, ranging from excessive airline fees to large mergers that raised costs for initiative, which was very popular with Americans, was championed by top Biden economic officials, many of whom had previously worked for or with Senator Elizabeth Warren, who played a key role in creating the Consumer Financial Protection Bureau under former President Barack has attacked that agency since taking office, announcing plans to shrink its workforce by 90%.Those moves have cost Americans at least $18 billion in higher fees and lost compensation for consumers allegedly cheated by major companies, according to an analysis released in June by the Student Borrower Protection Center and the Consumer Federation of Garden-Monheit, who was the director of competition policy under Biden, said Trump's move undercuts his promise to protect the Americans who need it the most."This shows President Trump's claim he would 'Make America Competitive Again' was a sham. Instead of enforcing the competition laws, he's throwing Main Street businesses and workers under the bus while doing favors for the rich and powerful," Garden-Monheit said. (Reporting by Andrea Shalal and Costas Pitas; editing by Diane Craft and Michael Perry)
The Sun
6 days ago
- Business
- The Sun
Trump revokes Biden-era order on competition, White House says
WASHINGTON: U.S. President Donald Trump on Wednesday revoked a 2021 executive order on promoting competition in the U.S. economy issued by his predecessor Joe Biden, the White House said. The move by Republican Trump further unwinds a signature initiative by Biden, a Democrat, to crack down on anti-competitive practices in sectors from agriculture to drugs and labor. The Justice Department welcomed Trump's revocation of the order, saying it was pursuing an 'America First Antitrust' approach focused on free markets instead of what it called the 'overly prescriptive and burdensome approach' of the Biden administration. It said it was also making progress in streamlining the Hart-Scott-Rodino Act (HSR) review process of mergers and reinstating more frequent use of targeted and well-crafted consent decrees. Biden signed a sweeping executive order in July 2021 to promote more competition in the U.S. economy as part of a broad push to rein in what his administration described as a pattern of corporate abuses, ranging from excessive airline fees to large mergers that raised costs for consumers. The initiative, which was very popular with Americans, was championed by top Biden economic officials, many of whom had previously worked for or with Senator Elizabeth Warren, who played a key role in creating the Consumer Financial Protection Bureau under former President Barack Obama. Trump has attacked that agency since taking office, announcing plans to shrink its workforce by 90%. Those moves have cost Americans at least $18 billion in higher fees and lost compensation for consumers allegedly cheated by major companies, according to an analysis released in June by the Student Borrower Protection Center and the Consumer Federation of America. Biden's order said it aimed to 'enforce the antitrust laws to combat the excessive concentration of industry, the abuses of market power, and the harmful effects of monopoly and monopsony', focused on areas such as labor and healthcare - REUTERS
Yahoo
07-08-2025
- Business
- Yahoo
Oxy Sells Permian Assets Valued at $950MM to Reduce Debt
Occidental Petroleum is selling off non-core assets and pushing forward in its debt reduction plan, with four Permian Basin deals valued at $950 million during the second and early third quarters. Between April and July 2025, Occidental (Oxy) completed multiple transactions totaling approximately $370 million, divesting non-core and certain non-operated Permian Basin upstream assets that are not within the company's near-term development plan, according to an Aug. 6 news release. Oxy didn't disclose the buyers. Oxy agreed in July with an affiliate of Enterprise Products Partners (EPD) to sell an entity that owns certain gas gathering assets in the Midland Basin for $580 million. The deal is subject to customary closing conditions and regulatory approval, including the expiration or termination of the Hart-Scott-Rodino Act waiting period, and is expected to close in the third quarter. In February 2024, EPD announced several acquisitions with Western Midstream Partners on Feb. 22, days after reports that Occidental Petroleum, which owns Western Midstream, was looking to sell some Permian assets. Since its December 2023 announcement that it would buy CrownRock, Oxy has made divestitures close to $4 billion. During the last 12 months, Occidental has repaid $7.5 billion of debt, including proceeds from non-core Delaware Basin transactions that closed in April and July, and expects to apply an additional $580 million to debt reduction upon closing of the Midland Basin gas gathering divestiture. "We are pleased with how we continue to strategically strengthen our portfolio, and it's rewarding to see those efforts drive debt reduction and create value for shareholders," Vicki Hollub, Oxy's president and CEO, said in the news release. "We believe Occidental has the best assets in our history and we will continue to find opportunities to high-grade our portfolio and generate long-term value." Oxy executives said this time last year that the firm intended to reduce debt by up to $6 billion within 18 months of the $12 billion CrownRock close. Oxy reported in its quarterly 10-Q filing with the U.S. Securities and Exchange Commission (SEC) that in July, the firm agreed to sell gas gathering assets in the Permian Basin for approximately $580 million. Since the beginning of the year and through the form filing date on Aug. 6, Oxy has sold non-core proved and unproved U.S. onshore oil and gas working interests valued at $730 million. During the first quarter, Oxy sold $900 million worth of non-operated proved and unproved royalty and mineral interests in the Denver-Julesburg Basin. The difference in the assets' net book value and adjusted purchase price was treated as a normal retirement, and as a result no gain or loss was recognized.
Business Insider
25-06-2025
- Business
- Business Insider
ProAssurance stockholders approve proposed acquisition by The Doctors Company
ProAssurance (PRA) Corporation announced that stockholders have voted overwhelmingly to approve its proposed acquisition by The Doctors Company. More than 99% of shares voted were in favor of the proposal to approve the acquisition agreement. The transaction remains subject to the receipt of regulatory approvals and other customary closing conditions and is expected to close in the first half of 2026. Required regulatory approvals include the expiration or early termination of the waiting period applicable to the consummation of the merger under the Hart-Scott-Rodino Act as well as approvals by the insurance regulators in the domicile states of ProAssurance insurance subsidiaries. The transaction is not subject to a financing condition. Upon completion of the transaction, ProAssurance's common stock will no longer be listed on the New York Stock Exchange, and ProAssurance will become a wholly owned subsidiary of The Doctors Company. 'Our shareholders recognize that this transaction will deliver significant value,' said Ned Rand, ProAssurance's President and Chief Executive Officer. He added, 'Bringing the strengths and capabilities of ProAssurance and The Doctors Company together will allow our teams to continue to serve today's healthcare providers with the necessary scale and breadth of capabilities. With a shared history in the medical professional liability marketplace, both companies work to fulfill a mission to protect others and have similar operating philosophies and cultures.' Confident Investing Starts Here:
