Pharmaceutical giant Johnson & Johnson has proposed an $8.9 billion settlement to resolve thousands of lawsuits accusing the company of selling baby powder and other talc products that caused cancer. The pharma firm shared details of the proposal in an April 4 statement announcing that it has re-filed its subsidiary LTL Management LLC for voluntary Chapter 11 bankruptcy protection,…
GM Passes Ford to Take No. 2 Spot in EV Sales Behind Tesla
DETROIT—General Motors rode strong first-quarter sales of the Chevrolet Bolt to bump crosstown rival Ford out of second place in the U.S. electric vehicle sales race. But GM’s EV sales of 20,670 were still far below those of industry leader Tesla, which delivered more than 161,000 vehicles in the United States from January to March,…
Apple Music Trademark Application Blocked by US Appeals Court
Apple Inc. lost a bid to register part of a federal trademark for “Apple Music” on Tuesday after a U.S. appeals court ruled for a jazz musician who challenged the tech giant’s application. The U.S. Court of Appeals for the Federal Circuit rejected Apple’s argument that it had priority over trumpeter Charlie Bertini’s “Apple Jazz”…
3M’s Bid to Shield Itself From Earplug Lawsuits Faces Skeptical Judges
Federal appeals court judges on Tuesday appeared skeptical of 3M’s bid to use the bankruptcy of its subsidiary Aearo Technologies to shield itself from nearly 260,000 lawsuits over allegedly defective military-issue earplugs. Paul Clement, a lawyer for Aearo, urged a three-judge panel of the 7th U.S. Circuit Court of Appeals in Chicago to reverse a…
More Dangerous: Humans or AI?
April 5, 2023
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artificial intelligenceAustraliaBusiness & MarketsChatGPTCompaniesInternationalMedia & Big TechOpenAIOpinionTechTech NewsViewpointsWorld
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Commentary I was on an Australian TV program last week when the host, a respected and long-serving figure of the conservative media, decided to allow ChatGPT (an AI text generator) to draft the next segment about itself. As he was reading the AI-generated script from the prompter, it sounded perfectly reasonable—albeit hollow and devoid of…
Google Workers in London Stage Walkout Over Job Cuts
LONDON—Hundreds of Google employees staged a walkout at the company’s London offices on Tuesday, following a dispute over layoffs. In January, Google’s parent company Alphabet announced it was laying off 12,000 employees worldwide, equivalent to 6 percent of its global workforce. The move came amid a wave of job cuts across corporate America, particularly in…
EU Leaders Head to China for Delicate Talks on Ukraine, Trade
April 4, 2023
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Business & MarketsChinaChina Business & EconomyChinese RegimeCompaniescrisisEuropeEurope-China RelationsFranceInternational RelationsmacronRussia-Ukraine WartradeUkraineWorld
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BEIJING—European Union executive head Ursula von der Leyen and French President Emmanuel Macron are to land in China on Wednesday seeking to “reset” ties with an important economic partner while broaching thorny issues like Ukraine and trade risks. Macron last visited China in 2019 while it will be von der Leyen’s first trip since becoming…
Greens Call Tiktok Ban a Publicity Stunt, Opposition Wants Nationwide Ban
The Greens have called the federal government’s decision to ban TikTok on all government devices a publicity stunt to mask the Albanese government’s failings on data privacy across the social media spectrum. Greens party digital rights spokesperson, Senator David Shoebridge, said that banning TikTok is not a serious reform and argued it could just be…
China’s ‘De-dollarization’ Efforts Are Part of a Strategy to Corner World Energy Markets
April 4, 2023
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Business & MarketsChinaCompaniesDe-Dollarizationeconomic policiesenergyGold and CommoditiesinflationInternationalization of Chinese yuanMarketsOPEC oilreserve currencyUS
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A longstanding plan by China and Russia to replace the U.S. dollar as the world’s reserve currency has had a string of recent headline-grabbing successes, as China methodically builds a rival monetary system that has been dubbed “Bretton Woods III.” This currency initiative is the financial component of China’s strategy to gain influence over global…
FDIC Looking to Sell $60 Billion Loan Portfolio It Acquired From Failed Signature Bank
April 4, 2023
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Business & MarketsCompanieseconomic policieseconomyFDICInvestmentloan portfolioMarketsNew YorkNY Real EstatePolicies & Impactsreal estateRegional & State NewsSignature BankState NewsUSUS News
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The Federal Deposit Insurance Corporation (FDIC) is looking to sell a $60 billion loan portfolio in the new few months, which it acquired in receivership following the collapse of Signature Bank last month. The portfolio mainly consists of commercial real estate loans (CRE), commercial loans, and a small pool of single-family residential loans, the FDIC said in a statement….
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