US Supreme Court rejects IVF clinic's appeal of Alabama embryo ruling

 The U.S. Supreme Court turned away on Monday a bid by an Alabama fertility clinic to avoid a wrongful death claim in a civil lawsuit over the destruction of a couple's frozen embryo in a case that has caused concern over the legal landscape for in vitro fertilization.

The justices denied an appeal by the Mobile-based Center for Reproductive Medicine of a ruling by Alabama's top court allowing the suit by Felicia Burdick-Aysenne and Scott Aysenne to proceed after deciding that frozen embryos are considered children under state law. The clinic has called the ruling a violation of its constitutional right to due process.

The couple sued the Center for Reproductive Medicine and the hospital housing the clinic in 2021 for wrongful death and negligence after a patient at the hospital gained unauthorized access to the cryogenic embryo storage area and removed several embryos, dropping them on the floor, including the couple's one remaining embryo.

The Republican-controlled Alabama Supreme Court in February ruled in the case that under an Alabama law called the Wrongful Death of a Minor Act, "unborn children are 'children,'" even outside the womb, allowing the lawsuit seeking monetary damages from the clinic to move forward.

The decision prompted IVF providers in Alabama to suspend treatments, while many health advocates and Democratic officials across the United States held up the decision as offered further evidence that reproductive rights are under assault in the aftermath of the U.S. Supreme Court's 2022 decision rolling back abortion rights.

IVF, which helps couples experiencing infertility issues, is a procedure in which eggs are removed from a woman's ovary and combined with sperm in a laboratory dish to form embryos. The embryos can be frozen for future implantation.

Republicans scrambled to contain the fallout from the Alabama court's decision, with Republican presidential candidate Donald Trump publicly declaring his support for IVF with the Nov. 5 U.S. election looming.

In response, the Republican-led Alabama legislature passed a law, signed by Republican Governor Kay Ivey in March, providing immunity from criminal charges or civil claims to IVF providers.

The clinic told the U.S. Supreme Court that this Alabama law, even though it applies retroactively, does not protect it from the wrongful death suit.

The Center for Reproductive Medicine in its appeal to the U.S. Supreme Court called the state high court's decision a violation of the clinic's right to due process under the U.S. Constitution's 14th Amendment. The clinic told the justices that the state high court's ruling is "subjecting providers of critical reproductive services to the possibility of unprecedented punitive damages for the virtually inevitable loss of some fertilized eggs or eventual destruction of unused embryos."

A state trial judge had dismissed the couple's wrongful death claim before the Alabama Supreme Court revived it.

The couple did not offer a response to the clinic's appeal, and the U.S. Supreme Court did not order them to file one.

https://www.yahoo.com/news/us-supreme-court-rejects-ivf-135533740.html

US Supreme Court rebuffs Biden admin on emergency abortions in Texas

 The U.S. Supreme Court declined on Monday to hear a bid by President Joe Biden's administration to enforce in Texas federal guidance requiring hospitals to perform abortions if needed to stabilize a patient's emergency medical condition.

The justices turned away the Justice Department's appeal of a lower court's decision that halted enforcement of the guidance in Texas, where a Republican-backed near-total ban on abortion is in effect, and against members of two anti-abortion medical associations.

The Biden administration issued the guidance in July 2022 to protect access to abortion after the Supreme Court's conservative majority the previous month overturned the landmark 1973 Roe v. Wade ruling that had legalized abortion nationwide.

The guidance reminded healthcare providers across the country of their obligations under a 1986 federal law called the Emergency Medical Treatment and Labor Act (EMTALA) to ensure Medicare-participating hospitals offer emergency care stabilizing patients regardless of their ability to pay. Medicare is the government healthcare program for the elderly. Hospitals that violate EMTALA risk losing Medicare funding.

The guidance made clear that under that law physicians must provide a woman an abortion if needed to resolve a medical emergency and stabilize the patient even in states where the procedure is banned, and that the measure preempts state bans that offer no exceptions for medical emergencies or with exceptions that are too narrow.

Texas law prohibits abortions unless the pregnancy places the woman at risk of death or "substantial impairment of a major bodily function."

Republican-governed Texas and two anti-abortion medical associations - the American Association of Pro-Life Obstetricians & Gynecologists and the Christian Medical & Dental Associations, sued the administration, arguing that the guidance unlawfully purports to compel healthcare providers to perform abortions.

U.S. District Judge James Wesley Hendrix in 2022 blocked enforcement of the guidance, finding that it is an unlawful interpretation of the EMTALA statute, and would allow abortions beyond what is permitted by Texas law.

The New Orleans-based 5th U.S. Circuit Court of Appeals on Jan. 2 upheld Hendrix's decision, ruling that "EMTALA does not mandate any specific type of medical treatment, let alone abortion." The 5th Circuit's decision came a month after the top court in Texas ruled against a woman who was seeking an emergency abortion of her non-viable pregnancy.

Abortion rights advocates have challenged the scope of abortion ban exceptions in several states due to uncertainty, including among physicians, about what medical emergencies during pregnancy would permit health providers to perform the procedure.

In a similar case in June, the Supreme Court permitted, for the time being, abortions to be performed in Idaho when pregnant women are facing medical emergencies.

The Supreme Court's 6-3 ruling in the Idaho case revived a federal judge's decision that EMTALA takes precedence over Idaho's Republican-backed near-total abortion ban when the two conflict. While the justices lifted a block they had placed on the judge's ruling in the case, they did not resolve the dispute on its merits, opting instead to dismiss it as "improvidently granted."

https://www.yahoo.com/news/us-supreme-court-rebuffs-biden-135735444.html

'Mexican watchdog flags corn flour maker Gruma for wielding too much market power'

 Corn flour and tortilla-maker Gruma holds the power to fix higher prices, Mexico's antitrust watchdog said in a preliminary decision on Monday, concluding after an investigation that conditions in the key food segment are not competitive.

"This market is fundamental for Mexico's economy and the wellbeing of consumers, especially due to its impact on the price of tortillas," the watchdog, known as Cofece, said.

Corn tortillas are the main staple of Mexican diets, consumed daily by 70% of the population. The cost of tortillas makes up about 6% of household food budgets.

Cofece noted that across eight regions in the country Gruma controlled between 50% and 90% of corn flour sales. In order to restore competition and curb prices, the agency recommended that the company sell five corn flour plants and also halt some commercial strategies, including those designed to make it difficult for tortilla makers to switch suppliers.

The Cofece investigation revealed that Gruma controls a much larger share of the corn flour market than anyone else, reaching between 22 and 80 times its largest competitor across the eight regions. It also showed that Gruma's average price comes in nearly 10% higher than its national competitors.

Shares of Gruma fell around 10% in midday trading after the preliminary ruling was announced, trading around 36 pesos per share on Mexico's main index.

In a statement released after the decision, Gruma said it has fully cooperated with Cofece. It said it has always operated lawfully.

The company added that due to the preliminary nature of the ruling, it was not possible to predict how the antitrust agency's governing body would ultimately resolve the case.

The probe covered both the distribution and marketing of corn and corn flour, as well as related services, according to the watchdog's announcement published in the official government gazette.

Gruma and other interested parties will now be able to present arguments ahead of the governing body's review of all evidence and its final ruling.

Until then, Gruma is not obligated to take any action.

https://finance.yahoo.com/news/mexico-antitrust-watchdog-rules-gruma-141946092.html

Oscar Health started at Neutral by UBS

 Target $23

https://finviz.com/quote.ashx?t=OSCR&p=d

Pfizer wins bid to invalidate GSK's patents over RSV vaccine

Pfizer won a bid in a London court to invalidate two of GSK Plc’s (NYSE:GSK) patents relating to its respiratory syncytial virus (RSV) vaccine.

Pfizer and GSK are competing to tap into the respiratory syncytial virus (RSV) vaccine market, which could exceed $10 billion by 2030.

In August 2023, GSK sued Pfizer in Delaware court, alleging that Pfizer’s RSV vaccine Abrysvo violates GSK’s four patent rights in its RSV shot Arexvy.

In the lawsuit, GSK said that Pfizer began working on its RSV program as early as 2013, at least seven years after GSK.

The European pharma giant also says that Pfizer knew of at least the '002 Patent (which is entitled Recombinant RSV Antigens) since at least October 2019, when Pfizer filed an opposition in the European Patent Office claiming that a European counterpart to the '002 Patent is invalid.

In June 2022, Pfizer also filed an action against GSK in the Royal Courts of Justice in London, claiming that European counterparts to the '002 and '239 Patents (RSV F Protein Compositions and Methods for Making Same) are invalid.

The lawsuit said Pfizer had known of GSK’s patented technology since at least 2019 when it began challenging the validity of European versions of the patents.

Reuters noted that a GSK spokesperson stated that the ruling “does not affect our ability to launch and market Arexvy globally, including in the UK.” The company remains confident in the validity of its patents, which it believes Pfizer has infringed and plans to appeal the decision.

In response, Pfizer expressed satisfaction with the court’s verdict. A spokesperson said, “Pfizer is pleased with the UK High Court’s decision, which found certain GSK patents related to RSV technology to be invalid and not infringed.”

https://finance.yahoo.com/news/pfizer-wins-london-court-battle-175604105.html

BP abandons goal to cut oil output, resets strategy

 BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence, three sources with knowledge of the matter said.

When unveiled in 2020, BP's strategy was the sector's most ambitious with a pledge to cut output by 40% while rapidly growing renewables by 2030. BP scaled back the target in February last year to a 25% reduction, which would leave it producing 2 million barrels per day at the end of the decade, as investors focused on near-term returns rather than the energy transition.

The London-listed company is now targeting several new investments in the Middle East and the Gulf of Mexico to boost its oil and gas output, the sources said.

Auchincloss took the helm in January but has struggled to stem the drop in BP's share price, which has underperformed its rivals so far this year as investors question the company's ability to generate profits under its current strategy.

The 54-year-old Canadian, previously BP's finance head, has sought to distance himself from the approach of his predecessor Bernard Looney, who was sacked for lying about relationships with colleagues, vowing instead to focus on returns and investing in the most profitable businesses, first and foremost in oil and gas.

The company continues to target net zero emissions by 2050.

"As Murray said at the start of year... the direction is the same – but we are going to deliver as a simpler, more focused, and higher value company," a BP spokesperson said.

BP shares were up 0.8% by 0912 GMT.

Auchincloss will present his updated strategy, including the removal of the 2030 production target, at an investor day in February, though in practice BP has already abandoned it, the sources said. It is unclear if BP will provide new production guidance.

Rival Shell has also slowed down its energy transition strategy since CEO Wael Sawan took office in January, selling power and renewable businesses and scaling back projects including offshore wind, biofuels and hydrogen.

The shift at both companies has come in the wake of a renewed focus on European energy security following the price shock sparked by Russia's invasion of Ukraine in early 2022.

BP has invested billions in new low-carbon businesses and sharply reduced its oil and gas exploration team since 2020.

But supply chain issues and sharp increases in costs and interest rates have put further pressure on the profitability of many renewables businesses.

A company source said that while rivals had invested in oil and gas, BP had neglected exploration for a few years.

BACK TO THE MIDDLE EAST

BP is currently in talks to invest in three new projects in Iraq, including one in the Majnoon field, the sources said. BP holds a 50% stake in a joint venture operating the giant Rumaila oilfield in the south of the country, where it has been operating for a century.

In August, BP signed an agreement with the Iraqi government to develop and explore the Kirkuk oilfield in the north of the country, which will also include building power plants and solar capacity. Unlike historic contracts which offered foreign companies razor-thin margins, the new agreements are expected to include a more generous profit-sharing model, sources have told Reuters.

BP is also considering investing in the re-development of fields in Kuwait, the sources added.

In the Gulf of Mexico, BP has announced it will go ahead with the development of Kaskida, a large and complex reservoir, and the company also plans to green light the development of the Tiber field.

It will also weigh acquiring assets in the prolific Permian shale basin to expand its existing U.S. onshore business, which has expanded its reserves by over 2 billion barrels since acquiring the business in 2019, the sources said.

Auchincloss, who in May announced a $2 billion cost saving drive by the end of 2026, has in recent months paused investment in new offshore wind and biofuel projects and cut the number of low-carbon hydrogen projects down to 10 from 30.

BP has nevertheless acquired the remaining 50% in its solar power joint venture Lightsource BP as well as a 50% stake in its Brazilian biofuel business Bunge.

https://finance.yahoo.com/news/exclusive-bp-drops-oil-output-060327623.html

How unusual is Milton track?

A quick check of past track data highlights how unusual it is for Milton to develop in the western Gulf of Mexico and landfall in western Florida. There are only two other instances of that scenario occurring.

Don’t focus on the exact track.

You’ve heard that phrase numerous times from meteorologists and emergency officials, but this specific track with Milton is in rarefied territory. Find out how long it’s been since we’ve seen a hurricane carve such an insidious track toward Florida.

The prevailing hurricane tracks in October are storms that develop from the Caribbean Sea and move towards Cuba and the southern tip of Florida—from the south, not from the west.

An unusual track

A quick check of past track data highlights how unusual it is for a storm to develop in the western Gulf of Mexico and make landfall in western Florida. There’s only two: a pair of unnamed storms in 1867 and 1888.

The origin of Milton and its current trajectory are puzzling, but what about any major hurricane directly impacting Tampa?

There’s nothing in the database in recent memory.

The last major hurricane to strike the area occurred in 1921 with a track just north of the Tampa Bay area, a worst-case in terms of storm surge. An unnamed storm passed south of Sarasota in 1944, but there’s no direct proxy for the forecast Milton is painting.

The cause and lingering uncertainty

The upper-level winds steer hurricanes along typical steering flows and familiar paths which change depending on which part of hurricane season it is.

The current upper flow is dictated by a strong high over Mexico and a general westerly flow across the Gulf of Mexico. A stationary trough will be stalled across Florida early this week, providing a predecessor heavy rainfall event. A weak mid-level trough will steer Hurricane Milton towards the northeast, tugging the hurricane across central Florida on Wednesday.

72 hours before a potential landfall, historical track error is between 100-150 kilometres. This is the approximate distance between Tampa and Port Charlotte. A 150-kilometre track fluctuation is the difference between a 10 billion dollar storm and a 100 billion dollar storm.

https://www.theweathernetwork.com/en/news/weather/severe/nightmare-scenario-unfolding-for-tampa-with-miltons-potential-hurricane-track