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WASHINGTON (Reuters) -The U.S. Securities and Exchange Commission on Tuesday said it was conditionally allowing stock exchanges to "expeditiously and meaningfully" lower costs tied to a comprehensive market surveillance system that has faced stern pushback from conservatives and industry. WHY IT'S IMPORTANT The action follows a a recent court decision invalidating the funding model adopted in 2023 under former President Joe Biden. According to the SEC, the changes announced Tuesday and earlier cost cuts mean certain system operating expenses for 2025 will be $25 million to $27 million lower than the $196 million forecast. KEY QUOTES "Both the Commission and the participants that operate the CAT need to take very seriously their roles in reducing these seemingly endless cost increases," SEC Chair Paul Atkins said in a statement, adding that the SEC planned to take further steps to reform the system and reduce costs. CONTEXT According to Atkins, by 2024 the system's projected annual costs had ballooned to $248 million from the maximum $55 million seen in 2016, when the system was established. In 2012, the SEC mandated the creation of the CAT — which is overseen by Wall Street's self-funded trading regulator known as the Financial Industry Regulatory Authority — as a response to the 2010 "flash crash"  when major Wall Street indexes temporarily erased nearly $1 trillion in market value in a matter of minutes. Officials say it can allow regulators to spot market manipulation and have cited its data in enforcement actions. Two years ago, the SEC split the operating costs among buyers, sellers, and exchanges, despite objections from the SEC's Republican members and the investment industry, which said it could be burdened with unfair costs. Officials said at the time this would divide costs evenly but also allow exchanges several years to recoup hundreds of millions already spent.  However, a federal appeals court found in July that the SEC's funding scheme was "arbitrary and capricious" because the agency hadn't sufficiently explained the reasons for apportioning different costs to different marketplace actors. The conservative policy manifesto Project 2025 had called on the SEC to abolish the CAT entirely. In its regulatory agenda, the SEC this year called instead for an evaluation of the CAT's effectiveness. (Reporting by Douglas Gillison in Washington; editing by Edward Tobin)

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By Sheila Dang and Vallari Srivastava HOUSTON (Reuters) -Top U.S. oil major Exxon Mobil said on Tuesday it will lay off 2,000 workers globally, particularly in Canada and across the European Union, as part of a long-term restructuring plan that will affect about 3% to 4% of the company's workforce. About 1,200 positions will be cut in Norway and the EU by the end of 2027, Exxon said in a statement. There are no planned job cuts in the U.S., and the layoffs announced on Monday at Canadian oil producer Imperial Oil, of which Exxon is a majority owner, account for about half of the broader cuts confirmed on Tuesday, a company spokesperson added. Faced with a slump in global crude oil prices as the OPEC+ group of oil producers has increased output, energy companies have announced thousands of job cuts this year to rein in costs while they contend with lower profits. Houston-based Exxon said it aimed to improve efficiency by having employees work from the same locations.  "Our global office network was established decades ago under very different circumstances. To support the collaboration so critical to our success, we are aligning our global footprint with our operating model and bringing our teams together," a spokesperson said in an emailed statement.  Bloomberg first reported on the number of affected jobs earlier on Tuesday. Exxon shares were down about 1.2% at $112.80 in midday trading. EXXON CUTS JOBS IN EUROPE AMID REGULATORY SCRUTINY  Exxon said it will build a new office at its Antwerp refinery in Belgium that will house a new European Technology Centre and most Brussels-based Exxon employees. It will close some smaller offices across the EU. The job cuts in Europe come as Exxon CEO Darren Woods has stepped up criticism against an EU corporate sustainability law that threatens a fine of 5% of global sales if companies do not identify and fix environmental issues within their supply chains. In an interview with Reuters earlier this month, Woods said the law would lead to more businesses leaving Europe and called for the regulation to be revoked.  "The business and regulatory environment in Europe is challenging and this transformation will help us compete into the future," Exxon Mobil Europe President Philippe Ducom said in the statement on Tuesday, adding that the company would still maintain a meaningful presence in what it said is an important market. Globally, oil producers are increasingly consolidating office locations to work more efficiently and save money. Chevron , the second-largest U.S. oil producer after Exxon, said in February that it would lay off up to 20% of its global workforce and expand the use of global centers, which includes an engineering hub in Bengaluru. ConocoPhillips also said earlier this month it would cut 20% to 25% of employees. U.S. oil and gas production jobs fell by 4,700 in the first six months of this year, Texas labor market statistics showed. Activity levels in the key U.S. producing states of Texas, Louisiana and New Mexico declined slightly in the third quarter, with several industry executives reporting significant delays in investment decisions in response to price volatility, according to a survey by the Federal Reserve Bank of Dallas.  Benchmark Brent crude futures are down about 10.5% year-to-date, impacted by increased OPEC+ output and persistent demand uncertainty tied to the U.S. trade policy. Exxon employed 61,000 people globally at the end of 2024, according to a regulatory filing. (Reporting by Sheila Dang in Houston and Vallari Srivastava in Bengaluru; Editing by Mrigank Dhaniwala, Sriraj Kalluvila, Nick Zieminski and Marguerita Choy)

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By Savyata Mishra and Alexander Marrow (Reuters) -Coty said on Tuesday it had launched a strategic review of its consumer beauty business that could lead to the sale of brands such as CoverGirl and Rimmel, as the cosmetics maker plans to focus on its more profitable fragrances unit. The New York-based company had last month projected a quarterly sales decline as demand for its beauty products softened. The firm invested heavily into its U.S. mass beauty business at the expense of fragrance, before shifting course as mass beauty struggled with rising competition from lower‑cost online rivals. The move comes as the U.S. mass-market makeup segment faces pressure, with drugstores destocking products as cost-conscious consumers tighten spending and fierce competition from newer brands building a strong following online. Anti-theft measures by U.S. retailers and recent changes in immigration policies have also hurt demand in the mass beauty category, company executives have said. More than a decade ago, Coty paid $12.5 billion for some of these brands in a deal with Procter & Gamble. "This new structure will… drive renewed momentum and sharper focus for consumer beauty, positioning it to compete more effectively in the evolving beauty landscape," CEO Sue Nabi said, adding she aims to grow Coty's prestige portfolio through blockbuster launches and brand elevation. In 2024, the prestige fragrance market was the fastest growing category, up 12%, according to data firm Circana, while the mass-market makeup category declined 3% compared to 2023. In the first half of 2025, prestige fragrance sales are up 6% in the U.S., the data showed. "Coty is signaling it's done playing drugstore beauty pageant and wants to sit exclusively at the prestige beauty table with LVMH and Estée Lauder as dinner companions, not competitors," said Michael Ashley Schulman, partner and CIO at Running Point Capital Advisors. POTENTIAL PARTNERSHIPS, DIVESTITURES AND SPIN-OFFS Coty said its review would focus on its $1.2 billion revenue mass color cosmetics segment, which includes brands such as CoverGirl, Rimmel, Sally Hansen and Max Factor, as well as its $400 million standalone Brazil business. "The review will assess a full range of alternatives including partnerships, divestitures, spin-offs and other potential strategic actions," Coty said, adding that the aim was to bolster its balance sheet. Coty's consumer beauty division, which contributed $2.07 billion to annual sales, saw like-for-like sales drop 5% year-on-year for the 12 months ending June 30, it said last month. In the same period, its ultra-premium, prestige and consumer beauty fragrances grew between 2% and 9%.  Reduced profit has eaten into Coty's free cash flow, which totaled $277.7 million for the year to June 30, while the company's total debt was just over $4 billion.  Coty's previous efforts saw it bring together hair and nail brands into professional beauty business Wella and sell a majority to stake to KKR. Coty is still working to divest its remaining 26% stake in that business.  Coty will bring all fragrance and scent brands under one business unit accounting for 69% of company sales, while aiming to maintain steady growth in cosmetics and skincare. Shares of the company, which have lost nearly half of their value this year, were up nearly 3% in early trading on Tuesday. Coty, which licences the fragrance brands of Gucci, Chloe and Burberry, has a market capitalization of about $3 billion, according to LSEG data.  The news was first reported by the Wall Street Journal earlier on Tuesday. (Reporting by Nilutpal Timsina, Shivani Tanna, Ruchika Khanna and Savyata Mishra in Bengaluru, Alexander Marrow in London and Dominique Patton in Paris; Editing by Adam Jourdan, Louise Heavens and Arun Koyyur)

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WASHINGTON (Reuters) -The Federal Communications Commission voted Tuesday to consider whether to lift the long-standing prohibition on a merger between any of the largest four broadcast networks and to consider relaxing other media ownership rules. The FCC said it could reverse the rule that bars a merger among the "Big Four" networks: NBC, owned by Comcast , Walt Disney Co's ABC, Paramount Skydance's CBS or Fox after considering public comments. The FCC also said it is seeking public comment on whether to eliminate or revise a rule that limits a single entity from owning more than two of the four largest television stations in the same local market and a rule that limits the total number of local radio stations that may be owned in a single market. (Reporting by David Shepardson)

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WASHINGTON (Reuters) -The Federal Communications Commission voted Tuesday to consider whether to lift the long-standing prohibition on a merger between any of the largest four broadcast networks and to consider relaxing other media ownership rules. The FCC said it could reverse the rule that bars a merger among the "Big Four" networks: NBC, owned by Comcast , Walt Disney Co's ABC, Paramount Skydance's CBS or Fox after considering public comments. The FCC also said it is seeking public comment on whether to eliminate or revise a rule that limits a single entity from owning more than two of the four largest television stations in the same local market and a rule that limits the total number of local radio stations that may be owned in a single market. (Reporting by David Shepardson)

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WASHINGTON (Reuters) -The U.S. Securities and Exchange Commission on Tuesday said it was conditionally allowing stock exchanges to lower costs tied to a comprehensive market surveillance system that has been in development for more than a decade. In a statement, SEC Chair Paul Atkins said that the so-called Consolidated Audit Trail "must be more efficient and cost-effective," especially in light of a recent court decision invalidating the funding model adopted under former President Joe Biden in 2023. (Reporting by Douglas Gillison in Washington)

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By Ilona Wissenbach and Joanna Plucinska FRANKFURT (Reuters) -Germany's Lufthansa could face a strike at its main airline after pilots' union VC said on Tuesday its members had voted in favour of a walkout in a dispute over pensions. The vote is the union's final attempt to pressure Lufthansa into agreeing a more generous pension deal and comes just a day after the airline group held its capital markets day, presenting its plan to become more efficient. VC, or Vereinigung Cockpit, said in a statement that a vast majority of members voted for a strike, but gave no timeline for the proposed industrial action. LATEST LABOUR CHALLENGE FOR LUFTHANSA The airline has resisted calls to strengthen pension rights and threatened to move more jobs to its cheaper subsidiaries, Discover and City Airlines. "The focus must continue to be on answers that are compatible with the economic performance of Lufthansa Classic," Michael Niggemann, Lufthansa's head of human resources said in a statement. "Our aim for the further negotiations remains to secure the future viability of the core brand Lufthansa Classic in the long term." Still, the threat opens the door to more costly and disruptive labour action for Lufthansa, which has already faced several labour challenges over recent years as it struggles to cut costs and pursue growth. On Monday, it unveiled plans to cut 4,000 administrative jobs by 2030 and set higher profitability targets. Analysts were sceptical whether the cuts and new goals, including an 8-10% operating margin between 2028 and 2030, were possible given ongoing challenges. "New aircraft delays, labour union pushback and an underestimation of potential offsetting cost headwinds all pose risks to the plan," Deutsche Bank said in a note in the wake of Monday's Capital Markets Day in Munich. Others told Reuters that there needed to be greater focus on short-term achievements – ensuring financial stability in 2025 – rather than longer-term targets that could still change. (Additional reporting by Ludwig Burger, Editing by Kirsti Knolle, Louise Heavens and Mark Potter)

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(Reuters) -The owner of the University of Phoenix is targeting a valuation of up to $1.2 billion in its U.S. initial public offering, it said on Tuesday, setting the stage for its stock market return after more than eight years. Existing stockholders of Phoenix Education Partners are seeking up to $140.3 million by offering 4.25 million shares priced between $31 and $33 apiece. Private capital firm Apollo Global is selling 3.55 million shares, while investment firm Vistria Group is offloading 0.7 million shares. The IPO pickup has lately broadened out to private equity deals, with a steady stream of sponsor-backed companies hitting the new listings market in recent months. The University of Phoenix, founded in 1976 by John Sperling, provides post-secondary education services, mainly to working adults in the U.S. The Phoenix, Arizona-based university currently offers 72 degree-granting and 33 non-degree certificate programs across disciplines. DROPPED SALE Phoenix Education's predecessor, Apollo Education Group, was taken private in 2017 in a $1.1 billion deal by a consortium including Vistria and Apollo. The university, under Apollo and Vistria's stewardship, exited non-core programs and divested some operations, including several international schools that it shared administrative resources with. In 2023, a non-profit affiliated with the University of Idaho agreed to acquire the operations of the University of Phoenix for $550 million. But the parties walked away from the deal earlier this year. Apollo will continue to control a majority of Phoenix Education's voting power after the offering. Morgan Stanley, Goldman Sachs, BMO Capital Markets, and Jefferies are the lead underwriters for the offering. Phoenix Education will list on the New York Stock Exchange under the symbol "PXED". (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Anil D'Silva and Shailesh Kuber)

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By Jaspreet Singh and Supantha Mukherjee (Reuters) -Spotify founder-CEO Daniel Ek will step down to become executive chairman in January, the Swedish streaming company said on Tuesday as it adopts a new co-CEO structure in its strategy to fend off rivals and shore up its profit margin. Billionaire Ek, who built Spotify into a rare global consumer technology leader from the region, will step back from day-to-day business as the company charts out its plan to keep ahead of music offering from YouTube, Apple and Amazon. "Ek leaves the CEO role on a high note, with big boots to fill for the incoming CEOs," said PP Foresight analyst Paolo Pescatore. The U.S. shares of Spotify were down about 5% after gaining 63% this year. Ek, a prominent tech entrepreneur of Europe, will focus on capital allocation and long-term strategy as executive chairman in what the company called a European-style role. "I will be more involved than a typical US chairman. So think of it a little bit like moving from a player to a coach," said Ek, who has been on the company's board since 2008. Spotify remains the clear market leader with nearly 700 million monthly users and more than 100 million tracks, far ahead of Apple Music's roughly 90 million subscribers.  But it faces competition from YouTube Music's vast video-integrated catalog and Amazon Music's Prime-linked offerings, which give rivals distinct advantages in certain markets. Despite Spotify's dominance, pressure on profit margins have persisted as artists push for higher payouts and the ad-supported tier expands. Global revenue from recorded music rose 4.8% to $29.6 billion in 2024. Streaming exceeded $20 billion for the first time and subscription streaming accounted for more than half of it, according to IFPI's Global Music Report. FROM STARTUP TO GIANT Founded in 2006, Stockholm-based Spotify helped transform a music industry that had been shrinking for years due to piracy and falling CD sales. Its U.S. debut in 2011 came as industry revenue had slumped. Still, the company reported its first annual profit only in 2024, after a slew of price increases and cost-cutting efforts. Billionaire Ek is often cited as a champion of Europe's ability to produce companies that can compete with U.S. and Asian tech giants. Soderstrom, currently chief product and technology officer, oversees global tech strategy and product development, while Norstrom, as chief business officer, manages subscriber and advertising businesses along with music, podcast and audiobook operations.  They will report to Ek who also serves on the board. The three executives have worked together for a decade and a half. "Norstrom is deeply interested in knowledge about product, and I'm very interested in business," Soderstrom said. "So we run this as a single team. Several high-profile firms such as Oracle and Netflix have adopted a co-CEO model to better manage their operations as they become more complex and globally diversified. The co-CEO model, which has become popular, has also drawn skepticism for creating blurred lines of authority. "The big unknown is why Spotify needs an executive chairman and two chief executives as that conjures up the idea that too many cooks spoil the broth," said Dan Coatsworth, investment analyst at AJ Bell. (Reporting by Supantha Mukherjee in Stockholm and Jaspreet Singh and Akash Sriram in Bengaluru; Editing by Arun Koyyur)

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By Savyata Mishra and Alexander Marrow (Reuters) -Coty said on Tuesday it had launched a strategic review of its consumer beauty business that could lead to the sale of brands such as CoverGirl and Rimmel, as the cosmetics maker plans to focus on its more profitable fragrances unit. The New York-based company had last month projected a quarterly sales decline as demand for its beauty products softened. The firm invested heavily into its U.S. mass beauty business at the expense of fragrance, before shifting course as mass beauty struggled with rising competition from lower‑cost online rivals. The move comes as the U.S. mass-market makeup segment faces pressure, with drugstores destocking products as cost-conscious consumers tighten spending and fierce competition from newer brands building a strong following online. Anti-theft measures by U.S. retailers and recent changes in immigration policies have also hurt demand in the mass beauty category, company executives have said. More than a decade ago, Coty paid $12.5 billion for some of these brands in a deal with Procter & Gamble. "This new structure will… drive renewed momentum and sharper focus for consumer beauty, positioning it to compete more effectively in the evolving beauty landscape," CEO Sue Nabi said, adding she aims to grow Coty's prestige portfolio through blockbuster launches and brand elevation. In 2024, the prestige fragrance market was the fastest growing category, up 12%, according to data firm Circana, while the mass-market makeup category declined 3% compared to 2023. In the first half of 2025, prestige fragrance sales are up 6% in the U.S., the data showed. "Coty is signaling it's done playing drugstore beauty pageant and wants to sit exclusively at the prestige beauty table with LVMH and Estée Lauder as dinner companions, not competitors," said Michael Ashley Schulman, partner and CIO at Running Point Capital Advisors. POTENTIAL PARTNERSHIPS, DIVESTITURES AND SPIN-OFFS Coty said its review would focus on its $1.2 billion revenue mass color cosmetics segment, which includes brands such as CoverGirl, Rimmel, Sally Hansen and Max Factor, as well as its $400 million standalone Brazil business. "The review will assess a full range of alternatives including partnerships, divestitures, spin-offs and other potential strategic actions," Coty said, adding that the aim was to bolster its balance sheet. Coty's consumer beauty division, which contributed $2.07 billion to annual sales, saw like-for-like sales drop 5% year-on-year for the 12 months ending June 30, it said last month. In the same period, its ultra-premium, prestige and consumer beauty fragrances grew between 2% and 9%.  Reduced profit has eaten into Coty's free cash flow, which totaled $277.7 million for the year to June 30, while the company's total debt was just over $4 billion.  Coty's previous efforts saw it bring together hair and nail brands into professional beauty business Wella and sell a majority to stake to KKR. Coty is still working to divest its remaining 26% stake in that business.  Coty will bring all fragrance and scent brands under one business unit accounting for 69% of company sales, while aiming to maintain steady growth in cosmetics and skincare. Shares of the company, which have lost nearly half of their value this year, were up nearly 3% in early trading on Tuesday. Coty, which licences the fragrance brands of Gucci, Chloe and Burberry, has a market capitalization of about $3 billion, according to LSEG data.  The news was first reported by the Wall Street Journal earlier on Tuesday. (Reporting by Nilutpal Timsina, Shivani Tanna, Ruchika Khanna and Savyata Mishra in Bengaluru, Alexander Marrow in London and Dominique Patton in Paris; Editing by Adam Jourdan, Louise Heavens and Arun Koyyur)

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