The Wall St.Journal 28Feb2020

B2| Friday, February 28, 2020 **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A-B
Accenture....................B
AJ Bell.........................B
Alphabet......................B
American Airlines.....B
American Express.......B
AB InBev..............B4,B
Apple.........................B
AT&T............................A
Baidu...........................B
Bayer...........................B
Best Buy.....................B
Beyond Meat...............B
BJ's Restaurants......B
Blue Harbour Group....B
Budweiser Brewing..B
C
Cboe Global Markets..B
Cinemark Holdings...B
Cinven..........................B
Cisco Systems.............B
Citigroup....................B
Clorox..........................B
CME Group..................B
Comcast.....................B
D
Datafolha..................A
Dave & Buster's
Entertainment........B
Deutsche Bank..........B
Discovery.....................B
Domino's Pizza.........B
DoorDash....................A
Dunkin' Brands Group B
F-G
Facebook......................B

Fiat Chrysler.............B

Ford Motor...........B1,B

Freeport-McMoRan.....B

General Motors.........B

Goldman Sachs...........A

H-I

Halliburton................B

Harmony Gold Mining B

Hasbro.......................B

HSBC Holdings..........B

Huawei Technologies.A

Hudson's Bay..............B

Ibope..........................A

Impossible Foods........B

Intel.............................B

Interpublic Group........B

J-K

J.C. Penney..................B

J.M. Smucker..............B

JP Morgan Chase......B

Kone............................B

L-M

Land & Buildings

Investment

Management.............B

Lego...........................B

Mattel........................B

Microsoft...................B

Mind Medicine............B

N

Nike.............................B

Nissan Motor............B

O-R

Omnicom Group..........B

Reckitt Benckiser.......B

Regeneron

Pharmaceuticals.......B

Renesas Electronics.B

Rhône Capital.............B

RingCentral...............B

Rohm.........................B

Royal Caribbean Cruises

...................................B

S

Schlumberger............B

Shake Shack..............B

SLM.............................A

Social Finance.............A

SoftBank Group..........A

Sprint..........................A

Square.......................B

Standard Chartered..B

T-V

Teledoc Health..........B

Tesla............................A

Thyssenkrupp..............B

T-Mobile US................A

Toyota Motor............B

23andMe......................B

Vale..............................B

Verizon........................A

ViacomCBS................B

Virgin Galactic............A

Virtu Financial............B

W-Z

Walt Disney.........B1,B

WPP.............................B

Wunderman Thompson

.....................................B

Zoom Video

Communications.....B

INDEX TO PEOPLE

BUSINESS & FINANCE

Mind MedicineInc., a psy-

chedelics-based medicine

startup backed by Shark Tank’s

Kevin O’Leary, closed a $24.

million funding round ahead of

plans to go public next week.

It is the first among a new

crop of companies pursuing

psychedelics-based therapies to

go public, in a test of investors’

appetite to back drugs that have

shown promise in treating men-

tal-health ailments but remain

illegal in many countries includ-

ing the U.S.

Co-founded by JR Rahn, a

former Uber employee and Y-

Combinator alumnus, MindMed

will make a direct listing Tues-

day through a reverse takeover

of Broadway Gold Mining on

the NEO Exchange, based in

Toronto.

Mr. Rahn says MindMed is

developing what he hopes will

become the “antibiotic for ad-

diction,” based on a nonhalluci-

nogenic derivative of ibogaine,

a psychoactive compound that

has been used for more than 50

years to treat addiction.

Ibogaine comes from iboga,

a West African plant whose

yellowish root bark induces

powerful psychedelic experi-

ences. Hallmarks of ibogaine

trips include vivid autobio-

graphical recalls with intense

visions. Iboga has been used

for centuries as part of rites of

passages and healing ceremo-

nies in Africa.

Ibogaine centers for addic-

tion treatment exist outside the

U.S. It has been illegal in the

U.S. for more than 50 years.

Some investors are biting,

including Toms Shoes founder

Blake Mycoskie, Bail Capital,

Cannell Capital and Grey House

Partners, all of whom partici-

pated in the prepublic funding

round.

Mr. O’Leary said he agreed to

invest only after Mr. Rahn prom-

ised MindMed wouldn’t look to

create recreational drugs and

would focus solely on medicinal

use. “If this can actually cure opi-

oid addiction, that is a big, big

opportunity,” Mr. O’Leary said.

“Why wouldn’t I want a piece of

that?”

But some investors who ha-

ven’t invested in psychedelic-

based drug companies said

they were wary of the gover-

nance and management issues

that have plagued some Can-

ada-listed cannabis companies.

BYSHALINIRAMACHANDRAN

Psychedelic

Medicine

Company

Sets IPO

tics of mining fatalities.

The company that owned

the site is no longer in busi-

ness, and the owner couldn’t

be reached for comment.

India has more miners

working in small mines or ille-

gally—15 million—than any

other country, according to

the World Bank. Mr. Kumar

said deaths of illegal miners

aren’t counted as mining fatal-

ities as per India’s mines law.

In 2014, DGMS reported that

the total number of deaths in

mining was 107. India’s National

Crime Records Bureau, a gov-

ernment agency that maintains

a database on crimes, deaths

and accidents, puts the number

that year at 210, including fa-

talities in illegal mining.

B.P. Singh, who until 2018

was second in command at In-

dia’s DGMS and who isn’t re-

lated to U.P. Singh, said the av-

erage annual figures for

mining fatalities could be as

high as 20,000, counting

deaths of illegal miners and at

small mining companies. He

added the unreported deaths

that he learned about in his

mine visits and those that col-

leagues said were occurring in

different parts of the country,

and extrapolated figures in ar-

eas where he had no feedback.

Mr. Kumar declined to com-

ment on the estimated number

of deaths, and the Journal

couldn’t independently corrob-

orate the number.

Companies rarely report

deaths of illegal miners who

trespass onto their land.

New York-listedHarmony

Gold MiningCo. recorded the

deaths of 65 workers in its

South African mines between

2010 and the end of 2018. But

the Mines Rescue Service, a

South African organization

that helps free trapped miners,

reported finding the bodies of

27 illegal miners in Harmony’s

mines during the period.

A spokeswoman for Har-

mony Gold said the company

tries to combat illegal mining,

but such miners “ignore the

safety standards of mines, ulti-

mately putting their lives and

the lives of our employees at

risk.” The company said it

doesn’t report the deaths of il-

legal miners. Mining companies

say illegal miners often work in

places and at times when the

company can’t protect them.

In the developing world,

smaller mining companies of-

ten want to keep deaths out of

official fatality statistics to

avoid paying compensation

and fines, or having their

safety regulations scrutinized,

miners and B.P. Singh said.

Under Indian labor laws,

companies have to pay higher

compensation and become

subject to further regulatory

action when a fatality is clas-

sified as an industrial death.

According to Indian law, the

family of Mr. Lal would have

received about $9,000 from the

company and more from local

authorities if the death was

classified as an industry death.

Mr. Lal’s mother, Ms. Devi, said

she received 400,000 rupees

(about $5,600) from the local

government and the owner of

the mine where her son died.

Ms. Devi said she tried to

convince her son that mining

was too dangerous. “He

wouldn’t listen,” she said.

Around 90% of the world’s miners work in either lightly regulated small-scale operations or

illegally by trespassing on land controlled by others.

Numberofpeopleworkinginsmall-scaleminingandasillegalminers

Source: Delve via World Bank

Brazil

861,

SouthAfrica

20,

10 million

5 million

1 million

0.5 million

Democratic

Republic

ofCongo

2 million

India

15 million

China

9 million

The World Bank estimates
that around 40 million people
work at small mine sites or ille-
gally. Around 20% of the
world’s new gold mined glob-
ally comes from illegal and
small-scale mining, according
to the Organization for Eco-
nomic Cooperation and Devel-
opment. Some 25% of cobalt—a
key ingredient in smartphone
and electric-car batteries—pro-
duced in the Democratic Repub-
lic of Congo, the world’s largest
producer, comes from illicit and
so-called artisanal mines.
The northern Indian state
of Uttar Pradesh supplied the
country’s long building boom
with stone.
In 2015, Mr. Lal was mining
dolomite stone at a small Uttar
Pradesh quarry when a store-
house holding explosives caught
fire and blew up, killing him and
seven others, according to Man-
basiya Devi, Mr. Lal’s mother,
and Amar Shah, a miner who
was injured in the blast.
India’s Directorate General
of Mines Safety, the industry’s
regulator, didn’t include these
deaths that year, according to
U.P. Singh, at the time the
agency’s director for the region
where the accident happened.
Mr. Singh said the deaths
weren’t reported to the agency.
Arvind Kumar, director of
mines safety at the DGMS
head office in Dhanbad, said
deaths that occur in areas
where mining companies are
granted leases to land by state
authorities don’t always get
reported to the DGMS, and the
agency doesn’t consider such
fatalities for the official statis-

Continued from page B

Mining

Deaths Go

Unreported

latest quarter, broadly meeting

analyst forecasts and helping

the group reach its full-year

goals.

Net profit in the quarter

swung to €1.41 billion ($1.

billion) after a loss of nearly €

billion a year earlier, helped by

the integration of Monsanto

and a recovery in crops sci-

ence. Sales rose 3.8% to €10.

billion in the fourth quarter,

driven by the group’s block-

buster drugs, blood thinner

Xarelto and eye treatment Ey-

lea and the Latin American

crops-science business.

Bayer said it targeted a rise

in sales, profit and cash flow

for 2020—not accounting for

any potential fallout from coro-

navirus—but analysts were

slightly disappointed with

some of the goals, prompting

shares to drop 4.3% Thursday

on a broadly lower DAX index.

agree to a settlement only if it

can bring a “reasonable conclu-

sion” to the entire legal battle,

meaning it must also include a

solution to prevent lawsuits

against Bayer in the future, a

sticking point in settlement

talks. If necessary, Bayer will

pursue all appeals to the high-

est courts, he said.

In its annual report, Bayer

acknowledged that it “may in-

cur considerable financial dis-

advantages” if forced to raise

more debt, issue new equity or

sell assets at unfavorable terms

to cover payments related to

the Roundup lawsuits. Finance

chief Wolfgang Nickl said the

company has good financial

flexibility with recent sales of

its animal-health unit and con-

sumer-care brands.

Separately, the Monsanto

purchase helped Bayer post a

rise in profit and sales for its

to purchase Monsanto, appro-

priately analyzed the risks.

Bayer will also publish this re-

port on its website.

Bayer last year had already

hired external lawyers to exam-

ine whether its management

acted dutifully in their due dili-

gence of the deal. The company

said Thursday that those re-

ports, which found no breach

of duty, would also be pub-

lished in a more detailed form.

Mr. Baumann reiterated

Thursday that Bayer would

shareholder in Bayer and a

German expert on corporate

governance, filed a motion at

last year’s meeting for a special

audit of whether directors

acted dutifully in handling the

Monsanto litigation risks.

The motion failed to obtain

a majority but Bayer neverthe-

less agreed to take some of the

recommendations on board in

an attempt to assuage inves-

tors. Some analysts expect the

meeting to deliver another re-

buke for Mr. Baumann if Bayer

can’t show it is making prog-

ress on settling the lawsuits.

Bayer said it hired an inde-

pendent lawyer to review the

legal advice it commissioned

before the Monsanto acquisi-

tion about the legal risks of the

deal. Lawyer James B. Irwin, a

mass-torts expert, concluded

that the legal opinions, on

which Bayer based its decision

A
Adkerson, Richard......B
Alito, Samuel..............B
Allison, Richard........B
B
Bacon, Louis................B
Bahnsen, David...........A
Baker, Richard.............B
Baumann, Werner.......B
C
Cooperman, Leon........B
D
Devi, Manbasiya.........B
Dwane, Neil................A
F-G
Flynn, Phil.................B

Gallo, Alberto............B

H-I

Hendel, Sam...............A

Iger, Robert.................B

J-K

Jacobson, Jonathon....B

Kinmonth, Tom.........B

Kreps, Michael............B

M

Mayer, Markus............B

Meyer, Jack.................B

Mindich, Eric...............B

Minsky, Lew................B

Moy, Laura..................A

N-O

Nickl, Wolfgang..........B

O'Connor, Paul............A

P

Perry, Richard.............B

R

Rahn, JR......................B

Read, Mark..................B

Robbins, Clifton..........B

S-T

Shah, Amar.................B

Singh, U.P....................B

Strenger, Christian.....B

Sulyma, Christopher...B

Tepper, David..............B

V-W

Vinik, Jeffrey..............B

Wenning, Werner.......B

Winkeljohann, Norbert

.....................................B

Consumer goods giant

Reckitt BenckiserGroup PLC

said Thursday it is taking a

£5.04 billion, or roughly $6.

billion, impairment related to a

2017 deal to buy baby-formula

producer Mead Johnson, after

weak sales and lower prospects

for the unit in China.

Reckitt, which sells Scholl

foot-care products and Durex

condoms, also recorded a

charge of $1.4 billion related

to its opioid-drug settlement

last year with the U.S. Depart-

ment of Justice.

The company posted a net

loss of £3.68 billion for 2019,

compared with a profit of

£2.16 billion a year earlier. Re-

sults also included an £

million charge from discontin-

uing operations.

The company projected

healthy profit margins and

revenue growth going forward.

RBC Capital Markets said that

the group’s plan for margins in

the mid-20s and revenue

growth in the mid-single dig-

its, over the medium term,

seems optimistic. “On balance,

though, we think the plan

looks sensible,” said analyst

James Edwardes Jones.

Revenue for the year rose

2% from a year earlier to £12.

billion, while on a like-for-like

basis sales were up 0.8%.

“We ended 2019 broadly in

line with our expectations for

net revenue growth and ad-

justed operating profit from

October,” Chief Executive Lax-

man Narasimhan said.

In 2017, Reckitt agreed to

buy Mead Johnson for $16.

billion, expanding its footprint

in China. Reckitt said at the

time of the acquisition it ex-

pected medium-term growth

for the business of between

3% and 5%. But on Thursday,

the company said the Chinese

market disappointed, espe-

cially over the past year. It

cited what it believes will be a

sustained lower birthrate, new

regulatory barriers and com-

petitors there.

Last year, Reckitt agreed to

pay up to $1.4 billion to settle

a U.S. investigation into

whether its former pharma-

ceuticals unit organized a mul-

tibillion-dollar fraud to drive

up sales of an opioid-addiction

treatment.

Reckitt struck a deal with

the Justice Department and

the Federal Trade Commission

to resolve long-running probes

into the sales and marketing

of Suboxone Film, a prescrip-

tion medicine that dissolves in

the mouth. It is made by Indi-

vior PLC, a former Reckitt unit

that became a stand-alone

company in 2014.

BYMATTEOCASTIA

Reckitt Takes $6.5 Billion

Charge on Baby-Food Deal

An event for baby formula made by the Mead Johnson unit.

MIKE PONT/GETTY IMAGES FOR ENFAMIL

dicts in the U.S. last year and
has since come under pressure
from investors to find a way to
put to rest the legal fight that
has been dragging down its
share price and prompted
shareholders to withdraw con-
fidence in Mr. Baumann at the
group’s annual meeting last
year.
Shareholders have accused
Messrs. Baumann and Wenning
of underestimating the risks of
the Monsanto purchase. Chris-
tian Strenger, an individual

Continued from page B

Bayer Deal

Scrutiny

Toughened

‘A new era is

starting at Bayer,’ its

chief executive said

Thursday.

BANKRUPTCIES

     

    

  

     



   

  









        

   

     

  

  



 

   

 





 

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