Agency alleges that combining Tronox Limited and Cristal would reduce competition for white pigment used in a variety of products ranging from paint to plastic


The Federal Trade Commission issued an administrative complaint challenging the merger of two top suppliers of chloride process titanium dioxide (“TiO2”), a white pigment used in a wide variety of products including paint, industrial coatings, plastic, and paper.

The FTC’s administrative complaint [a public version of which will be linked to this news release shortly] charged that Tronox Limited’s proposed acquisition of competitor Cristal, for $1.67 billion and a 24 percent stake in the combined entity, would violate the antitrust laws by significantly reducing competition in the North American market (comprised of the United States and Canada) for chloride process titanium dioxide. The FTC alleges that the acquisition, if consummated, would increase the risk of coordinated action among the remaining competitors, and increase the risk of future anticompetitive output reductions by Tronox.

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Washington D.C. — The Securities and Exchange Commission is partnering with the Herb Kelleher Center for Entrepreneurship, Growth, and Renewal at the McCombs School of Business at The University of Texas at Austin to host the SEC’s annual Government-Business Forum on Small Business Capital Formation on November 30. This annual forum provides a platform to highlight additional measures to improve small business capital formation and address whether unnecessary, duplicative, or outdated regulations can be eliminated or reduced.

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Washington, DC – The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Arab Global Commodities DMCC (AGC), a proprietary trading firm headquartered in Dubai, with several trading offices in India, for engaging in the disruptive trading practice of “spoofing” in the copper futures contract traded on the Commodity Exchange, Inc. (COMEX) between March and August 2016.

The CFTC Order finds that AGC engaged in this activity through one of its employees (Trader A), who generally spoofed after business hours, when Trader A traded from home. The Order requires AGC to pay a $300,000 civil monetary penalty and to cease and desist from violating the Commodity Exchange Act’s prohibition against spoofing.

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SAN DIEGO – Financial executive Peter Cash Doye and notary public and real estate broker Raquel Reid were indicted today for their alleged roles in a massive scheme that generated nearly $50 million in fraudulently-obtained loan proceeds.

According to the indictment, the defendants defrauded lenders into making enormous loans against four multi-million dollar mansions in La Jolla and Del Mar, then used forged documents to make it appear that the loans had been paid off – thereby enabling them to secure additional loans from new lenders who believed the mansions were owned “free and clear.”

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BHP announced approval of capital expenditure of US$2.46 billion for the Spence Growth Option (SGO) at the Spence open-cut copper mine in northern Chile, which will extend the mine life by more than 50 years.

BHP Chief Executive Officer Andrew Mackenzie said the SGO project supports BHP’s strategy to deliver near-term, valuable copper production.

In the first 10 years of operation, incremental production from SGO will be approximately 185 ktpa of payable copper in concentrate and 4 ktpa of payable molybdenum, with first production expected in the 2021 financial year. The current copper cathode stream will continue until the 2025 financial year. The project will convert 1.3 Bt1 of Measured and Indicated Mineral Resources to hypogene sulphide Ore Reserves.

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The SEC Division of Economic and Risk Analysis (DERA) today published a report describing trends in primary securities issuance and secondary market liquidity, and assessing how those trends relate to post-crisis regulatory reforms. The report was requested by Congress as part of the FY2016 appropriations process.

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