Category: Companies

Court Rejects Johnson & Johnson Bankruptcy Strategy for Tens of Thousands of Baby Powder Lawsuits

January 30, 2023
Baby PowderBusiness & MarketsCompaniesCOVID-19economyHealth & SafetyJohnson JohnsonlawsuitsLifestyleUSUS News
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A U.S. court on Monday rejected pharmaceutical company Johnson & Johnson’s bankruptcy strategy to resolve billions of dollars in lawsuits that alleged the firm’s talc products cause cancer. A decision handed down by the U.S. Third Circuit Court of Appeals in Philadelphia dismissed a Chapter 11 petition filed by a recently created J&J subsidiary LTL…

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Nuclear Lab in China Procured US Chips Despite Ban

January 30, 2023
Business & MarketsCCP nuclear threatChinaChina Business & EconomyCompaniesmilitaryNational Securitynuclear labPolicies & Impactssemiconductor chipsTechTech NewstechnologyUSUS China Tech WarUS tech restrictionsUS-China relations
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A Chinese nuclear research and development lab has gained access to U.S.-made semiconductors even though such institutions have been banned from making similar technological procurements for more than two decades. China Academy of Engineering Physics (CAEP), a state-run institution that focuses on the testing, development, and research of nuclear weapons and related sciences, has successfully…

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Apple Tells Certain iPhone Owners to Update Software or Face the Consequences

January 30, 2023
appleBusiness & MarketsCompaniesiPhoneTechTech NewsUSUS News
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People with certain older generations of Apple iPhones, iPads, and iPods should install a new security update, said the California-based tech giant. In a recent notice, Apple Inc. noted that a security vulnerability was recently discovered via Google’s Threat Analysis Group. Because of the flaw, it’s possible that users with older-generation Apple devices that use iOS…

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Philips to Layoff 6,000 More Workers as Company Struggles With Profitability

January 30, 2023
Business & MarketsCompanieseconomyfiring employeesPhilips Electronics N.V.recessionRespiratory Devicesleep therapy devicesstaff layoffs
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Multinational corporation Philips intends to cull thousands of jobs in a bid to boost profitability as the company tries to refocus on health technology, a decision which comes after shares crashed following a recall of its respiratory devices in 2021. Amsterdam-based Philips plans on scrapping 6,000 jobs, with half of the cuts to be implemented…

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Drugmaker Amgen Lays Off 300 US Employees

January 30, 2023
AmgenBusiness & MarketsCompaniesdrugmakereconomylayoffrecessionUSUS News
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Drugmaker Amgen Inc. said on Monday that it let go about 300 U.S. employees or about 1.2 percent of its total workforce, citing recent organizational changes to its commercial team. The company had about 24,200 staff members in over 50 countries, as of December 31, 2021, according to its latest annual regulatory filing with the…

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Wall Street Opens Lower Ahead of Fed Rate Decision

January 30, 2023
Business & MarketsCompanieseconomic policieseconomyinflationMarketsrecessionstocksUS
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Wall Street’s main indexes opened lower on Monday, with the tech-focused Nasdaq dropping nearly 1 percent, to kick-start the busiest week of the earnings season and ahead of key central bank meetings. The Nasdaq Composite dropped 109.37 points, or 0.94 percent, to 11,512.34 at the opening bell. The Dow Jones Industrial Average fell 68.87 points,…

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Two Insurance Companies Stop Providing Coverage for Hyundai and Kia Car Models

January 30, 2023
anti-theft techBusiness & MarketsCompanieselectronic immobilizersHyundaiKiaprogressive insuranceState FarmUS
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Top insurers State Farm and Progressive are refusing to provide insurance coverage for certain models made by South Korean car firms Kia and Hyundai, with reports claiming that the vehicles are easier to steal due to a lack of proper anti-theft technology like electronic immobilizers. “State Farm has temporarily stopped writing new business in some…

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Toyota Defends Title as World’s Top-Selling Automaker in 2022

January 30, 2023
Asia & PacificBusiness & MarketsCompanieseconomyInternationalMarketsproductionsalesToyotaWorld
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TOKYO—Toyota Motor Corp. sold 10.5 million vehicles in 2022, it said on Monday, defending its title as the world’s top-selling automaker for a third straight year. Global sales for the group, including truck unit Hino Motors and small-car maker Daihatsu, inched down 0.1o percent as record overseas sales of 8.6 million vehicles helped offset a…

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Shares Shaky as Rate-Hike Week Looms

January 30, 2023
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsMedia & Big Techrecessionstocks
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SYDNEY/LONDON—Shares slipped on Monday at the start of an agenda-setting week for markets in which likely interest rate hikes in Europe and the United States, as well as U.S. jobs and wage data, will give markets a fresh update on the battle against inflation. Investors expect the Federal Reserve will raise rates by 25 basis…

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Samsung Employees to Get Low-Carbon Meals as Part of Net-Zero Climate Push

January 30, 2023
Asia & PacificBusiness & Marketsclimate actionclimate changeCompaniesEnvironmentSamsung Electronics CoScienceWorld
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Korean tech giant Samsung Electronics said on Sunday that it will incorporate plant-based meals into its staff menus as part of efforts to reduce the company’s carbon footprints for tackling climate change. Samsung will set up a food corner at its headquarters in Gyeonggi province to provide employees with low-carbon meal options, such as rice…

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