Texas Attorney General Ken Paxton says he is investigating whether Walmart improperly filled prescriptions. And failed to report suspicious orders. Paxton: Opioids have caused addiction and the deaths of thousands of people each year. The investigation focuses on Walmart’s compliance with a requirement to submit documentation related to its opioid orders. Texas Attorney General Ken … Read more
Amazon.com has placed a temporary purchase limit of three units per week on emergency contraceptive pills. The move comes days after the U.S. Supreme Court overturned the landmark 1973 Roe v. Wade ruling. CVS Health Corp. is in the process of removing the purchase limits over the next 24 hours. Amazon.com Inc (AMZN.O) has set … Read more
U.S. dollar holds firm as worries about a recession weigh on the greenback. Lagarde is due to speak at the ECB forum in Sintra, Portugal, later in the day. The risk-sensitive Australian and New Zealand dollars have been left behind in last week’s global stock market bounce, while sterling was similarly becalmed. The euro won … Read more
Chinese battery maker Gotion High Tech Co(002074.SZ) said it plans to locate one-third of its production capacity outside China by 2025. Gotion’s move follows that of its Chinese competitor CATL, which aims to start cell production at its German plant by the end of the year. Chinese battery producer Gotion High Tech Co(002074.SZ) said it … Read more
China Evergrande Group (3333. HK) said on Tuesday a winding-up petition was filed against it by investment holding firm Top Shine Global Ltd in Hong Kong. The petition accuses the property developer of not fulfilling a financial obligation of HK$862.5 million ($109.91 million). China Evergrande Group (3333. HK) said on Tuesday a wrapping-up request was … Read more
Total flight cancellations within, into, or out of the United States as of 1.07 p.m. ET was 747, as of Monday afternoon. Nearly 860 flights were canceled on Sunday. Airlines for America said FAA must ensure adequate air traffic control staffing to avoid further travel disruptions. Travelers dropped north of 700 flights in the United … Read more
Hong Kong’s finance executives have thrived since the 1997 handover. The value of Hong Kong’s stock market has surged to HK$27 trillion ($3.52 trillion) as of end-June. Turnover on the Hong Kong-Shanghai stock connect pipeline jumped to 46.5 billion yuan. Hong Kong has been on the world’s top stock exchange by IPO value seven times … Read more
The U.S. Supreme Court rejected another bid by Bayer AG (BAYGn.DE) to dismiss litigation alleging that its Roundup weedkiller causes cancer. The justices turned away a Bayer appeal and left in place a lower court decision upholding an $87 million judgment. Roundup-related lawsuits have dogged Bayer since it acquired the brand in 2018. An appeals … Read more
Ford Motor Co (F.N) said Monday it will recall about 2,900 F-150 Lightning trucks. A software issue may result in a failure to provide adequate warning of low tire pressure. The recall covers 2,666 U.S. vehicles and 220 in Canada. Ford said low tire inflation pressure may lead to poor vehicle handling and a possible … Read more
FTX is examining inside how to purchase the application-based financier Robinhood. Sam Bankman-Fried had uncovered a 7.6% stake in Robinhood however said he had zero desire to assume command over the retail-exchanging stage. Robinhood’s double class shares right now give its pioneers control of 64% of the democratic offers. Sam Bankman-Fried’s FTX crypto trade is … Read more
The company’s shares rose 2.3% to $113.12 after the bell and Nike also announced a new $18 billion class B stock repurchase plan. Affluent Americans remain largely unaffected by decades-high inflation and are splurging on higher-priced products. Helping Nike maintains a pandemic-induced boom in athletic wear sales. Nike’s net income fell to $1.44 billion, or … Read more
Albemarle aims to build a processing plant with 100,000 tonnes of annual capacity in the U.S. Southeast somewhere within rail access of a major port. The company already supplies Tesla Inc (TSLA.O), as well as several other major automakers. Albemarle plans to self-fund the facility, though it could apply for U.S. Department of Energy loans. … Read more
General Electric Co (GE.N) said on Monday that Chief Executive Larry Culp will also head its aviation unit effective immediately. He will replace John Slattery, who has been at the helm of the company’s jet-engine unit since Sept. 2020. The industrial conglomerate is preparing to split into three public companies. The company’s shares were down … Read more
A federal judge in California ordered a new trial on the damages Tesla owes to a former factory worker. The former elevator operator, Owen Diaz, said he would not accept a $15 million award. A jury last October had awarded Diaz $137 million, one of the largest verdicts ever in a discrimination case. A government … Read more
Importers including Neocate maker Danone SA (DANO.PA) and New Zealand’s dairy giants Fonterra and a2 Milk (ATM.NZ) have submitted applications. To the U.S. Food and Drug Administration for supplying baby formula to the United States. A nationwide shortage was partly triggered by Abbott Laboratories’ (ABT.N) manufacturing plant in Michigan recalling some products in February. Worldwide … Read more
Junior miners are encouraged by the Canadian government’s plan, to allocate C$4 billion to critical minerals. Critical minerals such as cobalt, lithium, nickel, and copper are key to achieving the transition away from carbon-based energy. So far this year, mining companies listed in Canada have raised C$3.1 billion. Overall raising of funds has dropped by … Read more
Brent crude futures rose 2.56, or 2.3%, to $115.68 a barrel by 1:56 p.m. ET (1756 GMT). U.S. West Texas Intermediate crude was up $2.51, or 3.3% at $110.14 a barrel. Both crude benchmarks closed down for the second week in a row on Friday as interest rate hikes strengthened the dollar and fanned fears … Read more
Controls on steel imports due to expire this week could be retained. Department for International Trade says a final decision has not been made. It follows a proposed approach set out by the international trade secretary on Thursday. The question of extending tariffs on steel imports is seen as potentially breaking World Trade Organization (WTO) … Read more
Profits at China’s industrial firms shrank at a slower pace in May following a big slump in April. 19 curbs still weighed on factory production and squeezed factory margins. Industrial profits fell 6.5% from a year earlier, less than 8.5%, according to official figures. Industrial output in the commercial hub of Shanghai fell for a … Read more
The largest U.S. law firms did not take a public stance on the Dobbs v. Roe v. Wade decision. Some major companies have made statements on the closely watched abortion case. Many states are expected to further restrict or ban abortions following the ruling. The biggest U.S. law offices didn’t take a public position observing … Read more
Brent crude falls $1.42, or 1.3%, to $111.70 a barrel by 0010 GMT after rebounding 2.8% on Friday. U.S. West Texas Intermediate crude was at $106.08 a barrel, down 1.4%, following a 3.2% gain in the previous session. Oil costs slipped more than $1 a barrel on Monday as worldwide monetary worries discouraged the oil … Read more
India shelved plans to export 10 million tonnes of wheat last month after a barrage of alarming data. India is the world’s second-largest producer and consumer of grain. At least 19 countries have now banned food export restrictions since the Ukraine crisis hit global markets. The World Bank says the global food crisis is already … Read more
Many Bank of Japan policymakers saw stronger wage growth as key to sustaining the bank’s 2% inflation goal. One board member said sharp yen falls could hurt the economy. The BOJ stuck to its ultra-low interest rate policy and vowed to defend its cap on the 10-year bond yield. Many Bank of Japan (BOJ) policymakers … Read more
Russia has struggled to keep up payments on $40 billion of outstanding bonds. U.S. Treasury Department blocked Moscow from making payments in late May. Russia was due to pay $100 million in interest on two bonds, one denominated in US dollars and another in euros. Russia’s bonds have an increasing level of ambiguities. Russia edged … Read more
Chilean state-owned copper miner Codelco sees firm copper prices ahead despite recent falls. Comments come as copper prices posted their biggest weekly fall in a year. Pacheco said the annual production goal would be maintained at 1.7 million tonnes while he was in charge, including for this year. Chilean state-claimed copper digger Codelco, the world’s … Read more
Australia vies with Qatar and the United States as the world’s top LNG suppliers. Europe’s rush for supplies and outage at the biggest U.S. LNG plant has had knock-on effects in Australia. Wood Mackenzie sees little relief in the near term, expecting gas and LNG prices to remain high until the 2020s. Australia typically sends … Read more
Japan’s farmers struggling as plunging yen drives up costs of imported feed, fuel and fertiliser. Farmer Kiyoharu Hirao worries his prized wagyu beef will be affected by extra rice added to feed mix. Rural discontent exposing fissures in ruling Liberal Democratic Party’s rural base. Japan’s farmers are a potent political force because the electoral system … Read more
Raytheon Technologies and Northrop Grumman have won contracts to continue developing missiles to intercept hypersonic weapons. The decision means Lockheed Martin, the No. 1 U.S. defense contractor, has been eliminated for now from the multibillion-dollar program. The contracts will reduce the number of companies developing the systems to just two. Raytheon Technologies Co (RTX.N) and … Read more
