JPMorgan Chase is suing one of its former executives, Jes Staley, over his ties to the late financier and sex trafficker Jeffrey Epstein, who died mysteriously while in prison in an alleged suicide, in 2019. In late 2022, a female plaintiff filed a lawsuit against JPMorgan, accusing Staley, who was employed there from 1979 to 2013, of allegedly…
JPMorgan Sues Former Executive Over Ties to Jeffrey Epstein
March 10, 2023
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Business & MarketsCompaniesCrime and IncidentseconomyHuman TraffickingInvestmentJeffrey EpsteinJes StaleyJPMorgan ChaseJudiciarylawsuitsex traffickingUS
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US Weekly Jobless Claims Post Largest Rise in 5 Months; Labor Market Still Tight
March 10, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationjoblessMarketsMedia & Big TechrecessionunemploymentUSUS News
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WASHINGTON—The number of Americans filing new claims for unemployment benefits increased by the most in five months last week, but the underlying trend remained consistent with a tight labor market. Part of the larger-than-expected rise in claims reported by the Labor Department on Thursday reflected a surge in applications in New York state, which some…
Dollar Steady as Volatile Markets Brace for Payroll Data, Yen Slides
SINGAPORE/LONDON—The dollar index was steady on Friday, a rare spot of calm in volatile global markets ahead of key U.S. payrolls data later in the day, while the yen weakened after the Bank of Japan kept stimulus settings steady. The dollar jumped as much as 0.63 percent against the yen, a knee-jerk move after the…
Global Stocks, Wall Street Futures Sink Ahead of US Jobs Update
March 10, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BEIJING—Global stock markets and Wall Street futures fell Friday ahead of a U.S. job market update amid unease about possible further interest rate hikes. Markets in London, Shanghai, Frankfurt, and Tokyo declined. Oil prices were lower. Wall Street’s benchmark S&P 500 index fell Thursday by its biggest one-day margin this year after Federal Reserve Chair…
Disney May Consider Licensing Content to Rivals, CEO Says
Walt Disney is reconsidering licensing its films and television shows to rivals after years of pushing resources into growing its Disney+ steaming service, CEO Bob Iger said on March 9. Iger made the comments at the Morgan Stanley Technology, Media, and Telecom Conference in San Francisco where he noted that the increased licensing of Disney’s content library to other media…
Yeti Recalls 1.9 Million Coolers and Cases for Magnet Hazard
U.S. product regulators said Thursday that Yeti has recalled 1.9 million coolers and gear cases because magnets can come detached from them, posing a risk of serious injury or death. The Consumer Product Safety Commission (CPSC) said consumers should immediately stop using the four recalled products and contact Yeti for refund information. The closures on…
India, US to Sign Memorandum of Understanding on Semiconductors
NEW DELHI—The United States and India will sign a memorandum of understanding on semiconductors as both countries discuss coordination of investment and continue dialogue around policies to spur private investment, U.S. Commerce Secretary Gina Raimondo said on Thursday. Raimondo, who is on a four-day trip to India, is accompanied by the chief executive officers of…
Bayer Plans to Spend $1 Billion on US Pharma R&D in 2023: US Pharma Head
NEW YORK—Bayer AG plans to spend $1 billion on drug research and development in the U.S. this year as it works to double its sales in the country by the end of the decade, Bayer’s top U.S. pharmaceutical executive told Reuters. Sebastian Guth, president of Bayer’s pharmaceuticals business in the Americas, also said in an…
GM Offers Buyouts to Most US Salaried Workers to Trim Costs
DETROIT—General Motors is offering buyouts to most of its U.S. salaried workforce and some global executives in an effort to trim costs as it makes the transition to electric vehicles. The Detroit automaker wouldn’t say how many workers it is targeting, but confirmed that the move is aimed at accelerating attrition to meet a previously…
Michigan Locals Say ‘No’ to Ford’s EV Battery Plant with Chinese Partner
March 9, 2023
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Business & MarketsCATLChinaCompanieseconomyfarmlandFordInfiltrating the WestMichiganNational SecurityRegional & State NewsSpecial TopicsState NewsTech CompetitionUS
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Michigan locals are mounting resistance against Ford’s new battery plant partnered with a Chinese company. The factory will be owned by Ford through a wholly-owned subsidiary without foreign investment; Chinese EV battery maker Contemporary Amperex Technology Co. Ltd. (CATL) will provide the battery technology, some equipment, and Chinese workers. The plant is expected to start…
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