index,title & content,Ticker,Sector,Industry,Company,SASB
12024,"Delays Won’t Hurt Japan’s First Casino, Osaka Governor Says - Years of delay to plans for Japan’s first casino resort won’t have an adverse effect on the project in the long run, Osaka Governor Hirofumi Yoshimura said, as the facility looked set to open in 2030.

“There would have been a lot of synergy if it could have opened at the same time as the 2025 Osaka-Kansai Expo,” Yoshimura said in an interview Monday. “But a time lag of five years won’t have much effect on the project itself.”

The Osaka plan for a so-called “integrated resort” featuring hotels, entertainment and conference centers as well as a casino, gained government approval in April. Japan will compete with Asian neighbors like Singapore, Macau and South Korea for customers as it seeks to further bolster its tourism industry.

Osaka will seek to distinguish its offering by making the most of the history and culture of the region, and the country as a whole, Yoshimura said, adding he expected the facility to make a substantial contribution to Osaka’s economy.

“Kansai is an area very deep in history,” he said. “Traditional Japanese culture is something you don’t get in Macau, Singapore or South Korea. And those unique points are what we will promote from the resort.”

While politicians have been pushing for casinos for decades, so far no resorts have been built and Japan’s potential gaming market — estimated at $20 billion — has lost some of its luster. At least one company has pulled out and the conviction of a ruling party lawmaker for receiving bribes from a developer soured sentiment nationwide. But polling in Osaka shows opposition to the idea is fading.

MGM Resorts International is partnering with Japanese financial services firm Orix Corp on the project. The initial investment in the resort on Yumeshima, an artificial island in Osaka Bay, will be ¥1.08 trillion ($7.9 billion).

CEO William Hornbuckle said this month construction is likely to begin late this year or early in 2024, with the facility set to open for business in the first half of 2030, indicating a slight further delay from a 2029 target set earlier.

Concern over addiction and public safety contributed to the delay in approval for casinos in Japan, although the country already allows gambling on horse, bike and motorboat racing — while online betting boomed during the pandemic. Pachinko pinball parlors, another form of gambling, are common throughout the country.

“This IR is a very important first step for Japan in terms of changing the impression among the Japanese public,” said Jay Defibaugh, an analyst with CLSA in Tokyo. “That’s certainly what Marina Bay Sands and also the Sentosa project did for Singapore. It helped to bring people in. It helped to change the image of Singapore to a place that people can have more fun.”",MGM,Services,Casinos & Gaming,MGM Resorts International,"{'Internal Controls on Money Laundering': 'By the nature of its business, the Casinos & Gaming industry can be attractive to criminals seeking to launder money or disguise the origin of funds. Risk factors include the large amount of cash transactions, accessibility to multiple facilities, and customer anonymity. Therefore, strict and robust internal controls are necessary for entities to prevent violations of reporting and money laundering regulations. Casino operators that fail to detect and prevent money laundering activities may open themselves to investigations. Violations of anti-money laundering laws and regulations could result in criminal prosecution and/or substantial regulatory penalties.', 'Responsible Gaming': 'While the main purpose of gambling is entertainment, the industry faces a negative perception that is often related to pathological gambling. In addition to pathological gambling which is a progressive addiction characterised by increasing preoccupation with gambling, customers may also experience problem gambling, a less severe form of pathological gambling. While casinos do not cause problem gambling, they provide opportunities to gamble and may earn disproportionately greater revenue from pathological and problem gamblers. Responsible gambling encompasses industrybest practices to mitigate the impacts of problem gambling that may result from violations of self-exclusion lists, irresponsible advertising, gambling by minors, or instances where the entity has otherwise enabled gambling problems. Highly-publicised incidents related to pathological and problem gambling may damage entities’ reputations and result in regulatory curtailment of their licenses to operate. ', 'Energy Management': 'With many facilities open 24 hours a day, the Casinos & Gaming industry requires a large amount of energy to operate. Casino facilities often have few windows and therefore rely on their buildings’ mechanical systems for heating, ventilation, air-conditioning (HVAC) and lighting. Fossil fuel-based energy production and consumption contribute to significant environmental impacts, including climate change and pollution, and have the potential to impact casino entities’ results of operations. Entities that rely on electricity consumption for their operations increasingly must manage energy efficiency as well as energy availability, including the risks and opportunities associated with energy sourcing from fossil fuels or from renewable and alternative energy sources.', 'Smoke-free Casinos': 'Casino facilities are usually climate-controlled environments with internal air circulation, and have a relatively high concentration of employees and customers. While anti-smoking campaigns have helped some regions enact smoking bans for public places, many casinos remain exempt from such bans. Smoke exposes employees and customers to risks of heart attacks and cancer. In addition, studies have shown that casino dealers exposed to secondhand smoke have higher-than-average rates of respiratory illness. Entities that derive a significant portion of their revenue from smoking customersmay be negatively affected by smoking bans, which are becoming more common. Alternatively, by creating smoke-free facilities, casino operators may be better positioned to attract more non-smoking patrons.'}"
20675,"MetLife (MET) Could Be a Great Choice - Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.

While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.

Headquartered in New York, MetLife (MET) is a Finance stock that has seen a price change of -18.38% so far this year. Currently paying a dividend of $0.5 per share, the company has a dividend yield of 3.39%. In comparison, the Insurance - Multi line industry's yield is 2.28%, while the S&P 500's yield is 1.76%.

In terms of dividend growth, the company's current annualized dividend of $2 is up 1% from last year. MetLife has increased its dividend 5 times on a year-over-year basis over the last 5 years for an average annual increase of 4.28%. Future dividend growth will depend on earnings growth as well as payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. MetLife's current payout ratio is 29%, meaning it paid out 29% of its trailing 12-month EPS as dividend.

Earnings growth looks solid for MET for this fiscal year. The Zacks Consensus Estimate for 2023 is $8.32 per share, with earnings expected to increase 21.46% from the year ago period.

Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. But, not every company offers a quarterly payout.

Big, established firms that have more secure profits are often seen as the best dividend options, but it's fairly uncommon to see high-growth businesses or tech start-ups offer their stockholders a dividend. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. That said, they can take comfort from the fact that MET is not only an attractive dividend play, but is also a compelling investment opportunity with a Zacks Rank of #2 (Buy).

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

To read this article on Zacks.com click here.",MET,Financials,Insurance,Metlife Inc,"{'Financed Emissions': 'Entities participating in insurance activities face risks and opportunities related to the greenhouse gas emissions associatedwith those activities. Counterparties, borrowers or investees with higher emissions might be more susceptible to risks associated with technological changes, shifts in supply and demand and policy change which in turn can impact the prospects of a financial institution that is providing financial services to these entities. These risks and opportunities can arise in the form of credit risk, market risk, reputational risk and other financial and operational risks. For example, credit risk might arise in relation to financing clients affected by increasingly stringent carbon taxes, fuel efficiency regulations orother policies; credit risk might also arise through related technological shifts. Reputational risk might arise from financingfossil-fuel projects. Entities participating in insurance activities are increasingly monitoring and managing such risks by measuring their financed emissions. This measurement serves as an indicator of an entity’s exposure to climate-related risks and opportunities and how it might need to adapt its financial activities over time.', 'Policies Designed to Incentivise Responsible Behaviour': 'Advances in technology and the development of new policy products have allowed insurance entities to limit claim payments while encouraging responsible behaviour. The industry is subsequently in a unique position to generate positive social and environmental externalities. Insurance entities can incentivise healthy lifestyles and safe behaviour as well as develop sustainability-related projects and technologies, such as those focused on renewable energy, energy efficiency and carbon capture. As the renewable energy industry continues to grow, insurance entities may seek related growth opportunities by underwriting insurance in this area. Additionally, policy clauses may encourage customers to incorporate environmental, social and governance (ESG) factors to mitigate overall underwriting portfolio risk, which may reduce insurance pay-outs over the long term. Therefore, disclosure on products related to energy efficiency and low carbon technology, as well as discussion of how entities incentivise health, safety or environmentally responsible actions or behaviours, may assist investors in assessing how insurance entities incentivise responsible behaviour.', 'Systemic Risk Management': 'Insurance entities have the potential to pose, amplify, or transmit a threat to the financial system. The size, interconnectedness, and complexity of insurance entities are factors that highlight exposure to systemic risk for entities in the industry. Insurance entities that engage in non-traditional or non-insurance activities have been identified by regulators as being more vulnerable to financial market developments and subsequently more likely to amplify or contribute to systemic risk. As a result, insurance entities face the potential of being designated as Systemically Important Financial Institutions. Such firms are subject to stricter prudential regulatory standards and oversight by the central banking systems in various jurisdictions. Specifically, these insurance entities will likely face limitations relating to risk-based capital, leverage, liquidity, and credit exposure. In addition, insurance entities will be required to maintain a plan forrapid and orderly dissolution in the event of financial distress. Regulatory compliance can be very costly, while the failure to meet qualitative and quantitative regulatory performance thresholds could lead to substantial penalties. To demonstrate how these risks are being managed, insurance entities should enhance their disclosures of key aspects of systemic risk management and their ability to meet stricter regulatory requirements.', 'Transparent Information & Fair Advice for Customers': 'Insurance products play an important societal role in alleviating the impact of unexpected economic shocks, allowing policyholders to minimise the financial impact of events such as illnesses, accidents, and deaths. However, the risks of unclear insurance policies, ambiguous product terms, and potentially misleading sales tactics can erode brand reputation, lead to legal disputes, and reduce the number of services and products offered. This may be especially true if regulators deem certain policies overly complex and unsuitable for customers. Moreover, insurance entities compete on the basis of financial strength, price, brand reputation, services offered, and customer relationships. Customer dissatisfaction may reduce insurance usage, potentially leading to extremely negative financial outcomes for individuals and families, such as personal bankruptcies. As financial regulators continue to emphasise consumer protection and accountability, entities thatmaintain transparent policy terms and direct customers toward the products best suited to them will be better positioned to maintain their brand reputation, avoid regulatory scrutiny, and protect shareholder value. Failure to inform customers about products in a clear and transparent manner may result in higher number of complaints filed against entities, customer churn, and in some instances, regulatory fines and settlements.', 'Physical Risk Exposure': 'Catastrophic losses associated with extreme weather events will continue to have a material, adverse effect on the Insurance industry. The extent of this effect may evolve as climate change increases the frequency and severity of both modelled and non-modelled natural catastrophes, including hurricanes, floods and droughts. Failure to appropriately understand environmental risks, and price them into the underwritten insurance products, may result in higher-than-expected claims on policies. Therefore, insurance entities that incorporate climate change considerations into their underwriting process for individual contracts, and well as the management of entity-level risks and capital adequacy, may be better positioned to create value over the long-term. Enhanced disclosure of an entity’s approach to incorporating these factors, in addition to quantitative data such as the probable maximum loss and total losses attributable to insurance pay-outs, may provide investors with the information necessary to assess current and future performance on this issue.', 'Factors in Investment Management': 'Insurance entities must invest capital to preserve accumulated premium revenues equivalent to expected policy claim pay-outs and maintain long-term asset-liability parity. Because environmental, social and governance (ESG) factors increasinglyhave a material impact on the performance of corporations and other assets, insurance entities increasingly must incorporate these factors into their investment management. Failure to address these issues may diminish risk-adjusted portfolio returns and limit an entity’s ability to issue claim payments. Entities, therefore, should enhance disclosure on how they incorporate ESG factors, including climate change and natural resource constraints, into the investment of policy premiums and how they affect the portfolio risk.'}"
33685,"New York Cements Itself as the Gold Mining Capital of the World - New York Cements Itself as the Gold Mining Capital of the World

(Bloomberg) -- The momentum has been building for years, but this week made it official: the epicenter of the gold mining industry now lies firmly in New York.
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The announcement that top-five producer AngloGold Ashanti Ltd. will move its primary listing to the New York Stock Exchange represents the severing of more than a century of ties with South Africa, three years after selling its last mine in the country. But it also points to a wider reality for the gold mining market: if you’re looking to tap more investors and capital, there’s only one place to be.

New York’s status as a global hub for gold equities has expanded in recent years after a series of mega deals reshaped the industry, creating two North American behemoths that dominate the space — both of which trade in New York. The concentration of industry-specific exchange-traded funds have also added to the attraction.

“It’s where the largest pool of capital by far is,” AngloGold Chief Executive Officer Alberto Calderon said in an interview Friday. “It’s where the specialist investors who like gold are.”

For years, New York vied with London as the world’s premier gold-equity trading hub, while Toronto, Johannesburg and Sydney also put up a valiant fight. But the competition now seems all but over. (In AngloGold’s case, London, which was long touted as a potential listing venue, must instead settle for being home to the miner’s new headquarters.)

The importance of New York trading is already apparent for AngloGold. The company’s secondary listing there already accounts for about two thirds of its trading volumes, providing a disproportionate amount of liquidity, given only about one third of shares are held by US investors.

AngloGold’s move comes as gold itself edges toward a record, driving investor interest. The metal has risen amid banking sector turmoil, strong central-bank buying and increasing bets the Fed will start cutting interest rates later this year.

The US is also home to the world’s biggest gold mining ETFs, such as The VanEck Gold Miners ETF. As more investors pile into exchange-traded products as an easy exposure to the metal, a heavier weighting is a quick route to increase liquidity.

For a while, the London Stock Exchange — home to most of the world’s biggest diversified miners — looked poised to hold its own. London-listed Randgold Resources became a poster child for the industry and its record as the FTSE 100’s best-performing company drew others to list there in attempt to replicate the “Randgold premium.”

But London’s revival fizzled out. The companies that tried to replicate Randgold struggled with operational setbacks, while Randgold itself was so successful that it completed a de facto reverse takeover of Barrick, with CEO Mark Bristow taking over the enlarged company.

At the time, Bristow was particularly pleased that he secured the GOLD ticker for the company to trade on in New York, creating obvious brand appeal for bullion-hungry investors.

Today, Barrick’s volume in New York is roughly three times the number of shares changing hands in Toronto.

In 2019, US rival Newmont Corp. followed the Barrick-Randgold tie-up with its own transformational deal, buying Canada’s Goldcorp. Newmont — now the world’s biggest gold miner — appears about to get even bigger, as it pursues a $19.5 billion takeover of Newcrest Mining Ltd.

The series of mega deals, backed by US investors with a keen appetite for bullion and the companies that mine it, has left many of their one-time rivals looking increasingly irrelevant.

Newmont — even before its planned purchase of Newcrest — is worth $36.5 billion and Barrick $33.7 billion. AngloGold is valued by its investors at just $10.7 billion.

While much of the discrepancy is because the larger companies produce more gold at a lower cost, AngloGold also believes having more US shareholders will help close the valuation gap.

Currently, about 35% of AngloGold’s investors are US based, a number it expects to rise over time.

“For the relative size of our company, we are significantly underrepresented in that pool of capital,” said Calderon.
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• None Your Ad Data Is Now Powering Government Surveillance",NEM,Extractives & Minerals Processing,Metals & Mining,Newmont Corp,"{'Tailings Storage Facilities Management': 'The Metals & Mining industry faces significant operational hazards, particularly those associated with the structural integrity of tailings storage facilities (TSFs). A catastrophic failure of such facilities (e.g., a dam failure) can release significant volumes of waste streams and potentially harmful materials into the environment, leading to highconsequenceimpacts on ecosystems, human livelihood, local economies, and communities. Such catastrophic incidents may result in significant financial losses for entities and may erode their reputation and social license to operate. Robust approaches to tailings facilities design, management, operation, and closure, as well as appropriate management of associated risks, canhelp prevent such incidents from occurring. Entities that adopt comprehensive practices to maintain the integrity and safety of TSFs may do so through assigning accountability for tailings management at the highest levels of the entity, conducting frequent internal and external independent technical reviews of TSFs, and ensuring that mitigation measures are implemented in a timely manner in case of a safety concern. Additionally, a strong safety culture and well-established emergency preparedness and response plans can mitigate the impacts and financial implications of such events should they occur. Company obligations related to long-term remediation and compensation for damages may result in additional financial impacts in case of a failure. The ability for entities to meet such obligations after an incident occurs is an additional component of emergency preparedness.', 'Greenhouse Gas Emissions': 'Mining operations are energy-intensive and generate significant direct greenhouse gas (GHG) emissions, including carbondioxide from fuel use during mining, ore processing and smelting activities. The extent and type of GHG emissions can vary depending on the metal mined and processed. Regulatory efforts to reduce GHG emissions in response to climate change- related risks may result in additional regulatory compliance costs and risks for metals and mining entities. Entities can achieve operational efficiencies through the cost-effective reduction of GHG emissions. Such efficiencies can mitigate the potential financial effect of increased fuel costs from regulations to limit—or put a price on—GHG emissions.', 'Water Management': 'Mining and metals production can affect both the availability and the quality of local water resources. Metals and mining entities face operational, regulatory and reputational risks because of water scarcity, costs of water acquisition, regulations on effluents or the amount of water used, and competition with local communities and other industries for limited water resources. Effects associated with water management may include higher costs, liabilities and lost revenues because of curtailment or suspension of operations. The severity of these risks may vary depending on the region’s water availability and the regulatory environment. Entities in the industry may deploy new technologies to manage risks related to water risk, including desalination, water recirculation and innovative waste-disposal solutions. Reducing water use and contamination can create operational efficiencies for entities and reduce their operating costs.', 'Business Ethics & Transparency': 'Managing business ethics and maintaining an appropriate level of transparency in payments to governments or individuals are significant issues for the mining industry. This is due to the importance of government relations to entities’ ability to conduct business in this industry and to gain access to mining reserves. The emergence of several anti-corruption, anti-bribery, and payments-transparency laws and initiatives create regulatory mechanisms to reduce certain risks. Violations of these laws could lead to significant one-time costs or higher ongoing compliance costs, whereas successful compliance with such regulations could provide risk mitigation opportunities and avoid adverse outcomes. Entities with significant reserves or operations in corruption-prone countries could face heightened risks. Entities are under pressure to ensure that their governance structures and business practices can address corruption and willful or unintentional participation in illegal or unethical payments or gifts to government officials or private persons.', 'Biodiversity Impacts': 'The development, operation, closure, and remediation of mines can have a range of impacts on biodiversity, such as alterations of landscape, vegetation removal, and impacts to wildlife habitats. Acid rock drainage is a particularly significant risk: it is highly acidic water, rich in heavy metals, formed when surface and shallow subsurface water come into contact with mining overburden. Acid rock drainage can have harmful effects on humans, animals, and plants. Biodiversity impacts of mining operations can affect the valuation of reserves and create operational risks. The environmental characteristics of the land where reserves are located could increase extraction costs due to increasing interest in the protection of ecosystems. Entities could also face regulatory or reputational barriers to accessing reserves inecologically sensitive areas. This may include new protection status afforded to areas where reserves are located. Metals and mining entities face regulatory risks related to reclamation after a mine is decommissioned, per applicable regulatory requirements to restore mined property according to a prior, approved reclamation plan. Material costs may arise from removing or covering refuse piles, meeting water treatment obligations, and dismantling infrastructure at the end of life. Furthermore, ongoing mining operations are subject to laws protecting endangered species. Entities that have an effectiveenvironmental management plan for different stages of the project lifecycle may minimise their compliance costs and legal liabilities, face less resistance in developing new mines, and avoid difficulties in obtaining permits, accessing reserves,and facing delays in project completion.', 'Air Quality': 'Non-greenhouse gas (GHG) air emissions from the Metals & Mining industry include hazardous air pollutants, criteria air pollutants, and Volatile Organic Compounds (VOCs) from smelting and refining activities. These can have significant, localised human health and environmental impacts. Depending on the metal, uncaptured sulphur dioxide, lead, mercury, cadmium, and arsenic are among the chief pollutants, along with particulate matter. Financial impacts resulting from air emissions will vary depending on the specific location of operations and the applicable air emissions regulations. Active management of the issue—through technological and process improvements—could allow entities to limit the impacts ofincreasingly stringent air quality regulations globally. Entities could also benefit from operational efficiencies that could lead to a lower cost structure over time.', 'Energy Management': 'Mining and metals production is often energy-intensive, with a significant proportion of energy consumption in the industry accounted for by purchased electricity. Although fuel combustion on-site contributes to the industry’s direct (Scope 1) GHG emissions, electricity purchases from the grid can result in indirect, Scope 2 emissions. The energy intensityof operations may increase with decreasing grades of deposits and increasing depth and scale of mining operations. The choice between on-site versus grid-sourced electricity and the use of alternative energy can be important in influencing both the costs and reliability of energy supply. Affordable and easily accessible energy is an important competitive factor in a commodity market driven by global competition, and purchased fuels and electricity can account for a significant proportion of total production costs. The way in which an entity manages its overall energy efficiency and intensity, its reliance on different types of energy, and its ability to access alternative sources of energy, can therefore be a material factor.', 'Community Relations': 'Mining facilities are frequently active over long periods of time, and entities may be involved in multiple projects in a region that can have a wide range of community impacts. Community rights and interests may be affected through environmental and social impacts of mining operations, such as competition for access to local energy or water resources,air and water emissions, and waste from operations. Mining entities rely upon support from local communities to be able to obtain permits and leases as well as to conduct their activities without disruptions. Entities may experience adverse financial impacts if the community interferes, or lobbies its government to interfere, with the rights of a mining entity in relation to their ability to access, develop, and produce reserves. In addition to community concerns about direct impacts of projects, the presence of mining activities may give rise to associated socio-economic concerns, such as education, health, livelihoods, and food security for the community. Metals and mining entities that are perceived as engaging in rent-seeking and exploiting a country or community’s resources without providing any socio-economic benefits in return may be exposed to the risk of actions, motivated by resource nationalism, and by host governments and communities. These could include imposition of ad hoc taxes and export restrictions. Entities in the extractives industries can adopt various community engagement strategies in their global operations to manage risks and opportunities associated with community rights and interests. Strategies are often underpinned by the integration of community engagement into phases of the project cycle. Entities are beginning to adopt a “shared value” approach to provide a key socio-economic benefit to the community while allowing the entity to profitably operate.', 'Workforce Health & Safety': 'Safety is critical to mining operations due to the often hazardous working conditions. The Metals & Mining industry has relatively high fatality rates compared to other industries. Fatalities or injuries can result from a number of hazards associated with the industry, including powered haulage and machinery as well as mine integrity. Poor health and safety records can result in fines and penalties, and an increase in regulatory compliance costs from more stringent oversight. Anentity’s ability to protect employee health and safety, and to create a culture of safety and well-being among employees at all levels, can help prevent accidents, mitigate costs and operational downtime, and enhance workforce productivity.', 'Labour Relations': 'Metals and mining entities face inherent tension between the need to lower the cost of labour to remain price competitive, and to manage human resources to ensure long-term performance. Working conditions related to metal andmining operations are usually physically demanding and hazardous. Labour unions play a key role in representing workers’interests and managing collective bargaining for better wages and working conditions. At the same time, metals and mining entities often operate in areas where worker rights are not adequately protected. The nuances of both domestic and international worker concerns make management of labour relations critical for metals and mining entities. Conflict with workers can result in labour strikes and other disruptions that can delay or stop production. Work stoppages frequently result in significant lost revenue and reputational damage. Continued labour stresses can impact the long-term profitability of the business. At the same time, positive outcomes of effective labour engagement can include enhanced work practices, labour utilisation, as well as the reduction in safety incidents, accidents, or fatalities.', 'Waste & Hazardous Materials Management': 'The Metals & Mining industry generates large volumes of non-mineral and mineral wastes, including waste rock, tailings, slurries, slags, sludges, smelting, and industrial wastes, some of which may contain substances that are toxic, hazardous, or chemically reactive. Mineral processing sometimes also requires the use of hazardous materials for metal extraction. Waste produced during mining operations, depending on its type, can be treated, disposed of, or stored in on- or off-site impoundments or old mine pits. Improper storage or disposal of hazardous materials used in operations or mining waste can present a significant long-term threat to human health and ecosystems through potential contamination of groundwater or surface water that is used for drinking or agriculture purposes. Entities that reduce waste streams while implementing policies to manage risks related to handling hazardous materials may emjoy lower regulatory and litigation risks, remediation liabilities, and costs.', 'Security, Human Rights & Rights of Indigenous Peoples': 'Metals and mining entities face additional community-related risks when operating in conflict zones and in areas with weak or absent governance institutions, rule of law, and legislation to protect human rights. They also face risks when operating in areas with vulnerable communities, such as indigenous peoples. Entities using private or government securityforces to protect their workers and assets may knowingly, or unknowingly, contribute to human rights violations, including use of excessive force. Indigenous people are often the most vulnerable sections of the population, with limited capacity to defend their unique rights and interests. Entities perceived as contributing to human rights violations or failingto account for indigenous peoples’ rights may be affected due to protests, riots, or suspension of permits. They could facesubstantial costs related to compensation or settlement payments, and write-downs in the value of their reserves in such areas. In the absence of country laws to address such cases, several international instruments have emerged to provide guidelines for entities. These instruments include obtaining the free, prior, and informed consent of indigenous peoples for decisions affecting them. With greater awareness, several countries are also beginning to implement specific laws protecting indigenous peoples’ rights, creating increasing regulatory risk for entities.'}"
12072,"Shareholders v. Tesla, Nasdaq's diversity rule: Securities cases to ... - (Reuters) - Some of the biggest securities cases of 2023 are surely yet to come, but major litigation is already on the docket. Courts are set to grapple with whether Elon Musk defrauded Tesla shareholders, whether investors can sue over misstatements in direct listings and if Nasdaq's board diversity rule is constitutional.

Here are some securities cases to watch in 2023.

In January, Elon Musk and Tesla Inc are set to face a jury in a shareholder class action claiming that Musk fraudulently inflated Tesla stock in 2018 by falsely tweeting that he was considering taking the electric vehicle company private. Musk and Tesla have said the statements did not violate the law.

Trials are a rarity in shareholder class actions, with fewer than 1% being tried to verdict between 1997 and 2018, according to securities litigation consulting firm Cornerstone Research.

The lawsuit in San Francisco federal court seeks unspecified damages from Musk, Tesla and its directors on behalf of investors who bought or sold Tesla stock in the days after Musk's announcement on Twitter.

U.S. District Judge Edward Chen, who is overseeing the trial, has ruled that those statements were false and that Musk made them recklessly. At trial, the jury will determine whether the statements mattered to investors and how they affected Tesla stock.

The case is In re Tesla Inc Securities Litigation, No. 18-04865.

The 5th U.S. Circuit Court of Appeals is expected to rule this year on conservative activists' challenge to Nasdaq's board diversity rule, which requires companies listed on the exchange to have diverse boards, or explain why they do not.

The rule was introduced in late 2020, after protests in the U.S. over racial injustice sparked discussion about corporate board diversity.

But the groups say it violates the Constitution by encouraging discrimination and violating companies' right to free speech.

Nasdaq has argued the rules level the playing field between large investors that have the resources to compile boards' demographic information and small investors who do not.

The case is Alliance for Fair Board Recruitment v. SEC, No. 21-60626.

The U.S. Supreme Court will hear a bid by Slack Technologies Inc to avoid a lawsuit accusing the workplace communication software company of misstatements in its 2019 direct listing - an alternative to an initial public offering.

U.S. law allows investors to sue over misleading offering materials, but only when their shares are ""traceable"" to the materials.

The justices will consider how to apply that to direct listings, where unregistered insider shares and registered shares issued pursuant to offering materials are made available at the same time and are practically impossible to distinguish.

The 9th U.S. Circuit Court of Appeals ruled in September that blocking lawsuits over direct listings would create a loophole and let companies avoid liability for misstatements.

Slack has argued the 9th Circuit's ruling conflicts with decisions by other courts and would allow investors to sue over offering materials without tracing their stock back to the applicable offering.

The case is Slack v. Pirani, No. 22-200.",NDAQ,Financials,Security & Commodity Exchanges,Nasdaq Inc,"{'Managing Conflicts of Interest': 'Security and commodity exchanges are responsible for the oversight of member entities. Specifically, firms in this industry monitor membership information and regulatory compliance to ensure market integrity and transparency. For example, in the U.S., they investigate and prosecute member entities that violate the Securities and Exchange Act. Recent controversies relating to market manipulation, tax fraud, investor protection rules, and anti-trust have raised concern about conflicts of interest that arise due to security and commodity exchanges’ position as self-regulatory organisations (SROs). Rapid innovation in financial markets provides significant opportunities to enhance profitability. However, exchanges must continue to fulfil their responsibilities as SROs to ensure open and fair access to all investors, to publish rules and fees, and to oversee trading. Entities that avoid fraudulent or unethical activities will maintain market integrity, limit reputational damage, and ensure their long-term sustainable growth.', 'Promoting Transparent & Efficient Capital Markets': 'Security and commodity exchanges have a responsibility to ensure equal access to capital markets for all investors. As public markets, these entities play a critical role in efficient capital allocation and the equal application of rules to all participants. In addition, entities must manage the release of public information to prevent asymmetries. Further, with theadvent of high-frequency trading there is heightened concern that technology can lead to advantages for certain traders at the expense of others. Information asymmetries that lead to unfair arbitrage could result in litigations and, potentially, regulatory penalties, additional regulatory oversight and compliance costs, as well as reputational damage that may hurt trading volumes and thus revenues. Disclosure of policies relating to information releases, halts of trading, and the risks and opportunities associated with algorithmic or high-frequency trading will allow investors to further understand how security and commodity exchanges protect shareholder value.', 'Managing Business Continuity & Technology Risks': 'Security and commodity exchanges face increased risks and opportunities associated with information technology. The industry’s central position in the proper functioning of financial markets requires that issues including security breaches and technology errors are managed to prevent market disruptions. As security and commodity exchanges face increased volumes of trading associated with the clearing and execution of derivative trades and increased frequency of cyber attacks, the industry will be exposed to new risks and opportunities associated with its reliance on information technology. Failure to ensure continuity of trading may erode customer trust and result in lower trading volumes, thus lossof revenue. Increased disclosure of efforts taken to prevent these risks, in addition to the current performance, will allow shareholders to accurately assess value. '}"