Johnson & Johnson said on Wednesday that it would ask the U.S. Supreme Court to revive its effort to resolve tens of thousands of lawsuits over its talc products through the bankruptcy of a subsidiary, after an appeals court refused to reconsider its ruling that the bankruptcy was improper. J&J sought to use the bankruptcy…
Gerber Baby Formula Recalled Due to Possible Bacteria Contamination
Gerber parent company Perrigo is recalling certain lots of Gerber infant formula due to a possible link to Cronobacter sakazakii contamination, according to a company announcement published March 17 by the U.S. Food and Drug Administration (FDA). The voluntary recall impacts Gerber Good Start SoothePro Powdered Infant Formula that was manufactured in Eau Claire, Wisconsin, between Jan. 2…
Hate Speech Reach on Twitter Down More Than Expected, Independent Assessment Shows
The reach of hate speech on Twitter has declined more than expected under Elon Musk, according to the results of a new independent assessment. Twitter’s safety team shared the findings in a thread posted to the platform on March 21, noting that Twitter had recently partnered with software firm Sprinklr to conduct the independent assessment. According to Sprinklr, an…
Canada’s Banking System Differs From US, Unlikely to See Run on Deposits: Economist
News Analysis Canada’s banks are fundamentally different from American banks and less likely to suffer from the malaise that has consumed the U.S. financial system for most of March, says a U.S.-based economist and former senior fellow with the Montreal Economic Institute. He nevertheless adds that banking reform, as it relates to protection for depositors,…
Banking Turmoil Pounding Investor Confidence, Surveys Show
March 22, 2023
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LONDON—This month’s U.S. banking system turmoil and renewed recession worries have left global investor confidence at one of the lowest levels in the last 20 years, and that does not even account for this week’s demise of Credit Suisse. A monthly survey carried out by investment bank BofA following the collapses of Silicon Valley Bank…
Troubled Credit Suisse Has Chinese Communist Party-Linked Member on Its Risk Committee
March 22, 2023
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Business & MarketsCCPChinaChina Business & EconomyCompaniesCredit SuisseDemocratseconomic policieseconomyEuropeExecutive BranchInvestmentMarketsNational SecurityPolicies & ImpactsPoliticsThreat from Communist ChinaUSUS-China relationsWorld
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Credit Suisse bank, which collapsed last week, revealed on its website that it had a CCP-affiliated member on its board of directors. Shan Li, according to the bank’s website, is a board member with long extensive ties to the Chinese Communist Party (CCP), with senior roles on the bank’s risk management team, Asia advisory council, and…
Wall Street Opens Muted Ahead of Fed Rate Decision
Wall Street’s main indexes opened muted on Wednesday ahead of the outcome of the Federal Reserve’s rate-setting meeting in which the central bank will seek to balance inflation and banking sector concerns. The Dow Jones Industrial Average rose 9.59 points, or 0.03 percent, at the open to 32,570.19. The S&P 500 opened lower by 0.83…
Systemic Credit Crunch Replaces Inflation as Fund Managers’ Top Worry
March 22, 2023
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Business & Marketscentral bank policyCompaniescredit cruncheconomic policieseconomyinflationInvestmentinvestorsMarketsPolicies & ImpactsrecessionUS
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A systemic credit crunch has overtaken inflation as fund managers’ top fear this month as the biggest risk to the markets, according to a new poll. At least 31 percent of respondents labeled a systemic credit crisis as the most significant threat to markets, followed by 25 percent choosing stubbornly high inflation as the largest…
Unsanitised Disposal of E-Waste Risks Personal Data Ending up in Wrong Hands: PwC
March 22, 2023
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The careless disposal of data storing devices poses a serious cyber and data security threat to Australians that could have “catastrophic” consequences if the sensitive information ends up in the hands of a malicious actor. Professional services firm PwC warned that Australia’s critical infrastructure regime was at risk from the security risks of disposed of…
Crypto Exchange Coinbase Asks Supreme Court to Compel Disgruntled Customers to Pursue Arbitration
March 22, 2023
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An attorney for cryptocurrency exchange Coinbase told the Supreme Court on March 21 that current customer disputes should not move forward in the lower courts while appellate courts have yet to rule on the company’s request to divert those cases to arbitration panels. Coinbase finds itself at the Supreme Court because it prefers the arbitration…
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