Johnson & Johnson is earmarking nearly $9 billion to cover allegations that its baby power containing talc caused cancer, more than quadrupling the amount that the company had previously set aside to pay for its potential liability. Under a proposal announced Tuesday, a J&J subsidiary will re-file for Chapter 11… Read More
Australia takes a stand against TikTok
Australia has become the last of the “Five Eyes” security partners to ban the Chinese-owned video-sharing app TikTok from its federal government’s devices. Attorney-General Mark Dreyfus said in a statement Tuesday that based on intelligence and security agencies’ advice, that ban would come into effect “as soon as practicable.” Biden… Read More
GM avoids layoffs as 5,000 workers take buyouts
About 5,000 white-collar workers at General Motors took the company’s buyout offers, which the automaker says is enough to avoid layoffs at this time. GM said Tuesday that the offers will save about $1 billion per year in costs, about half of the $2 billion it wants to cut annually… Read More
Richard Branson’s Virgin Orbit declares bankruptcy protection after mission fail
Richard Branson’s Virgin Orbit is filing for Chapter 11 bankruptcy protection after a failed mission this year and increasing difficulty in raising funding for future missions. The company laid off most of its staff on Friday and told the U.S. Bankruptcy Court for the District of Delaware in a filing… Read More
UFC, WWE combine to form $21.4B entertainment megacorp
WWE and the company that runs Ultimate Fighting Championship will combine to create a $21.4 billion sports entertainment company. A new publicly traded company will house the UFC and World Wrestling Entertainment brands, with Endeavor Group Holdings Inc. taking a 51% controlling interest in the new company. Existing WWE shareholders… Read More
Driver charged with murder after crashing into Apple store
A Massachusetts man whose SUV crashed through the glass storefront of an Apple store, killing one man and injuring nearly two dozen other people, has been charged with murder, prosecutors said. Bradley Rein, 53, was indicted by a grand jury on Tuesday on charges of second-degree murder, motor vehicle homicide… Read More
Gwyneth Paltrow awarded $1 after victory in ski crash trial
Gwyneth Paltrow wasn’t to blame for a 2016 collision with a retired optometrist on a beginner run at a posh Utah ski resort during a family vacation, a jury decided Thursday following a live-streamed trial that became a pop culture fixation. A jury awarded Paltrow $1 — a symbolic amount… Read More
Richard Branson’s company slashes a whopping 85% of workforce
Richard Branson’s Virgin Orbit is letting go of almost its entire work force with the satellite launch company finding it difficult to secure funding three months after a failed mission. The company, headquartered in Long Beach, California, will cut 675 jobs, about 85% of its workforce, according to a Friday… Read More
The Fed just got some very good news Friday
The Federal Reserve’s favored inflation gauge slowed sharply last month, an encouraging sign in the Fed’s yearlong effort to cool price pressures through steadily higher interest rates. Friday’s report from the Commerce Department showed that consumer prices rose 0.3% from January to February, down from a 0.6% increase from December… Read More
New Alexandria Ocasio-Cortez scandal erupts
by Frank Holmes, reporter Socialists aren’t supposed to care about money, but don’t tell Rep. Alexandria Ocasio-Cortez, D-N.Y. The Democratic congresswoman has been caught in a new financial scandal that her critics say proves she’s willing to sell out national security for heaps of cash from Big Tech and Beijing…. Read More
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