WASHINGTON—Law firms representing opioid maker Purdue Pharma in the company’s bankruptcy will relinquish $1 million in a settlement with the U.S. Department of Justice’s trustee program, the department said in a statement on Thursday. The settlement must still be approved the Bankruptcy Court for the Southern District of New York, the department said. Purdue, maker…
Law Firms Representing Purdue Pharma to Pay US $1 Million: Justice Department
US Dollar Climbs From Nine-Week Low in Step With Higher Treasury Yields
NEW YORK—The dollar recovered from a nine-week low on Thursday, lifted by a rise in U.S. Treasury yields after the government reported strong economic growth for the first quarter and an improvement in new jobless claims in the latest week. U.S. benchmark 10-year Treasury yields rose 2 basis points on Thursday, to 1.639 percent, boosted…
China’s Digital Yuan Will Not Topple the Dollar, SEC Official Says
April 29, 2021
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LONDON—China’s planned digital yuan will not dethrone the dollar, a top Securities and Exchange Commission official said on Thursday, citing the growth of so-called stablecoins backed by the greenback. The world’s biggest central banks, including the People’s Bank of China and U.S. Federal Reserve, are stepping up work on issuing digital cash, eyeing improvements to…
China’s Huawei Says Sales Down 16.5 Percent Amid US Sanctions
April 29, 2021
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Embattled Chinese tech giant Huawei said Wednesday its first-quarter revenue fell 16.5 percent, hurt by a dip in smartphone sales. Sales declined 16.5 percent from a year earlier to 152.2 billion yuan ($23.5 billion) due in part to lower revenue for its consumer unit, the company said. It gave no earnings but said its profit margin…
Long Queues Feared at UK Airports When Travel Curbs Ease: Heathrow Boss
Extra COVID-19 paperwork and “bad organisation” could cause severe delays at the UK border when international travel restrictions ease next month, the boss of the London Heathrow Airport has said. The airport revealed on Thursday that its losses from the CCP (Chinese Communist Party) virus pandemic has increased to £2.4 billion. John Holland-Kaye, Heathrow’s chief…
Boeing Posts $537 Million Loss in Q1, Less Than a Year Ago
Boeing Co. reported a wider than expected first-quarter loss on Wednesday, although revenue met Wall Street forecasts as the company generated cash by delivering more new airliners than it did a year ago. Boeing lost $561 million—or $537 million after accounting for a loss attributable to a noncontrolling interest—as the COVID-19 pandemic continued to hurt…
Industry Says Feds Not Doing Enough to Fortify Supply Chains, Manufacturing
Industry participants in the supply chain for products vital to Canada’s long-term economic success and security say Budget 2021 did not go far enough to ensure the country remains resilient and globally competitive
Retirement Funds Bring Climate Change Pressure on Australia’s 200 Biggest Companies
Company directors deemed to be “moving too slowly” on climate change will face increased pressure from Australia’s largest retirement funds. The Australian Council of Superannuation Investors (ACSI), comprised of 37 superannuation companies, will recommend members vote against the re-election of directors deemed to have fallen short on addressing climate change. ACSI will be communicating with…
Ford Plans to Develop and Produce Electric Vehicle Batteries
DETROIT—Saying that it wants to control the key technology for electric vehicles, Ford plans to open a battery development center near Detroit by the end of next year. The company said the 200,000-square-foot facility will have equipment to design, test and even do small-scale manufacturing of battery cells and packs. The $185 million lab also…
Banks’ Trillions in Climate Financing Pledges Are a Bailout Hazard, Experts Warn
News Analysis Trillions in financing pledged by banks to climate change projects present an unprecedented gamble that could end up in potentially the largest government bailout ever seen, warned several experts on environmental policy and investment. Many of the world’s largest banks have recently made pledges to direct trillions in investments to projects meant to…
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