NEW YORK—Johnson & Johnson has set aside $400 million to resolve U.S. state consumer protection actions as part of its broader $8.9 billion effort to settle claims that its Baby Powder and other talc products cause cancer. J&J subsidiary LTL Management filed a bankruptcy plan in New Jersey late on Monday that details how the…
Johnson & Johnson’s Proposed Talc Settlement Would Pay $400 Million to State AGs
Global Debt on the Rise, Emerging Market Crosses $100 Trillion Mark: IIF
NEW YORK—A measure of debt across the globe rose in the first quarter to almost $305 trillion, and the rising cost to service that debt is triggering concern about the financial system’s leverage, a widely tracked study showed. The Institute of International Finance (IIF), a financial services trade group, said on Wednesday global debt rose…
BP Unit to Pay Record $40 Million to Settle US Air Pollution Civil Charges
WASHINGTON—A subsidiary of BP Plc. will pay a record-setting $40 million penalty to settle civil U.S. charges that its Indiana-based oil refinery violated federal laws aimed at curbing emissions of cancer-causing benzene in wastewater and other harmful pollutants, the U.S. Justice Department (DOJ) said on Wednesday. The DOJ will require the oil major to make…
Stellantis Recalls 219,000 Jeep SUVs Over Fire Risks
WASHINGTON—Chrysler-parent Stellantis said on Tuesday it is recalling 219,000 Jeep Cherokee SUVs worldwide for fire risks and warned owners to park outside until repairs are made. The recall covers 2014 through 2016 model year Jeep Cherokee vehicles equipped with a power liftgate. An electrical short in the power liftgate module may lead to a vehicle…
Walgreens Reaches $230 Million Opioid Settlement With San Francisco
May 18, 2023
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Business & MarketsCaliforniaCompaniesNorthern CaliforniaopioidRegional & State NewssettlementState NewsUSWalgreens
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San Francisco said on Wednesday it reached a $230 million settlement with Walgreens Boots Alliance Inc. over its role in the city’s opioid epidemic. The settlement came nine months after U.S. District Judge Charles Breyer in San Francisco said the drugstore chain could be held liable for having “substantially contributed” to an opioid epidemic that…
‘Wind Back Regulation’: Aussie Mining Magnate Urges Federal Government to Consider ‘Regional Security and Stability’
Australian mining magnate Gina Rinehart has urged the federal government to reduce regulations for the mining industry so that the nation’s natural minerals and resources can be better utilised to provide security and stability in the Indo-Pacific. This follows concerns from Japanese gas company Inpex, which said in April that regulatory changes to natural resources…
Australia Records Significant Growth in Farmland Prices in 2022
Australian farmland values rose for the ninth consecutive year in 2022 due to strong demand and robust performance of the agriculture sector. According to the latest report by Rural Bank, which specialises in financial services for farmers, the national median price of Australian farmland jumped 20 percent to $8,506 (US$5,652) per hectare in the past…
Russia Agrees to Extend Ukraine Grain Deal in a Boost for Global Food Security
May 17, 2023
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Business & MarketseconomyEuropeGold and CommoditiesgrainInternationalMarketsRussiaRussia-Ukraine WarUkraineWorld
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ANKARA, Turkey—Russia agreed to a two-month extension of a deal that has allowed Ukraine to ship grain through the Black Sea to parts of the world struggling with hunger, Turkish President Recep Tayyip Erdogan announced Wednesday, a boost to global food security after the war drove up prices. Turkey and the U.N. brokered the breakthrough…
Stock Market Today: Wall Street Rises With Hopes US May Avoid Default
NEW YORK—Wall Street rallied Wednesday on hopes the U.S. government can avoid a potentially disastrous default on its debt. The S&P 500 climbed 1.2 percent, with much of the gain coming after President Joe Biden said he’s confident “America will not default.” The Dow Jones Industrial Average rose 408 points, or 1.2 percent, while the…
Australian Banks Launch New Platform to Help Halt Fraudulent Payments
Australian banks launched a new digital platform on May 16 to help stop customers from losing money to scammers. The new Fraud Reporting Exchange (FRX) platform will facilitate a “close to real time” reporting of fraudulent payments to another bank, thus increasing the chances of freezing and recovering money that has been transferred to scammers….
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