The Dow opened lower on Thursday as Cisco shares fell on slowing demand for its products, clouding Walmart’s strong annual forecast and optimism over a likely deal to avoid debt default. The Dow Jones Industrial Average fell 46.21 points, or 0.14 percent, at the open to 33,374.56. The S&P 500 opened lower by 1.09 points,…
Bipartisan Bill Seeks to Crack Down on Big Banks’ Presence of Federal Reserve Board
May 18, 2023
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big banksBusiness & MarketsCompaniescongresseconomic policieseconomyFederal Reserve boardsPoliticsUS
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Two senators have proposed a bipartisan bill to curb big banks’ presence on the boards of regional Federal Reserve banks in a bid to eliminate conflicts of interest and bolster central bank accountability. “I’ve got an idea–a bipartisan idea–that I’m introducing with Senator Rick Scott today: get the big bankers off the Reserve Banks boards…
Deutsche Bank to Pay $75 Million to Settle Lawsuit Bought by Victims of Jeffrey Epstein: Lawyers
May 18, 2023
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Business & MarketsCompaniesCrime & Public SafetyDeutsche BankHuman TraffickingJeffrey EpsteinUSUS News
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Deutsche Bank has agreed to pay $75 million to settle a class-action lawsuit filed by alleged sexual abuse victims of disgraced financier and convicted sex offender Jeffrey Epstein, lawyers have confirmed. The settlement resolves a class-action suit filed by two women, referred to as “Jane Doe” against the banks in November last year. New York federal judge Jed Rakoff…
Walmart Boosts Outlook After a Strong 1st Quarter and Rising Online Sales
NEW YORK—Walmart reported a strong first quarter as the nation’s largest retailer continues to draw budget conscious consumers in a challenging economic environment. The company, based in Bentonville, Arkansas, offered an upbeat outlook for the year. Walmart reported net income of $1.63 billion, or 62 cents per share for the three month period ended April…
Stock Market Today: Global Stocks, Wall Street Futures Rise on Hopes for US Debt Deal
BEIJING—Global stock markets and Wall Street futures rose Thursday on hopes U.S. political leaders can reach agreement to avoid a potentially disastrous default on government debt. London and Paris opened higher. Shanghai, Tokyo, and Hong Kong advanced. Oil prices edged lower. “Markets are now fully pricing an in-time resolution of the crisis,” said Clifford Bennett…
Johnson & Johnson’s Proposed Talc Settlement Would Pay $400 Million to State AGs
NEW YORK—Johnson & Johnson has set aside $400 million to resolve U.S. state consumer protection actions as part of its broader $8.9 billion effort to settle claims that its Baby Powder and other talc products cause cancer. J&J subsidiary LTL Management filed a bankruptcy plan in New Jersey late on Monday that details how the…
BP Unit to Pay Record $40 Million to Settle US Air Pollution Civil Charges
WASHINGTON—A subsidiary of BP Plc. will pay a record-setting $40 million penalty to settle civil U.S. charges that its Indiana-based oil refinery violated federal laws aimed at curbing emissions of cancer-causing benzene in wastewater and other harmful pollutants, the U.S. Justice Department (DOJ) said on Wednesday. The DOJ will require the oil major to make…
Stellantis Recalls 219,000 Jeep SUVs Over Fire Risks
WASHINGTON—Chrysler-parent Stellantis said on Tuesday it is recalling 219,000 Jeep Cherokee SUVs worldwide for fire risks and warned owners to park outside until repairs are made. The recall covers 2014 through 2016 model year Jeep Cherokee vehicles equipped with a power liftgate. An electrical short in the power liftgate module may lead to a vehicle…
Walgreens Reaches $230 Million Opioid Settlement With San Francisco
May 18, 2023
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Business & MarketsCaliforniaCompaniesNorthern CaliforniaopioidRegional & State NewssettlementState NewsUSWalgreens
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San Francisco said on Wednesday it reached a $230 million settlement with Walgreens Boots Alliance Inc. over its role in the city’s opioid epidemic. The settlement came nine months after U.S. District Judge Charles Breyer in San Francisco said the drugstore chain could be held liable for having “substantially contributed” to an opioid epidemic that…
Australian Banks Launch New Platform to Help Halt Fraudulent Payments
Australian banks launched a new digital platform on May 16 to help stop customers from losing money to scammers. The new Fraud Reporting Exchange (FRX) platform will facilitate a “close to real time” reporting of fraudulent payments to another bank, thus increasing the chances of freezing and recovering money that has been transferred to scammers….
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