(Reuters) -Abbott Laboratories’ Michigan plant, which was at the center of the U.S. baby formula shortage last year, faces a criminal investigation by the Justice Department, the Wall Street Journal reported on Friday. Panicked parents emptied baby formula aisles at supermarkets last year as a recall of formulas by Abbott due to complaints of bacterial …
Abbott faces U.S. criminal probe over baby formula -WSJ Read More »
By David Shepardson WASHINGTON (Reuters) – Major unions and public interest and environmental groups are urging President Joe Biden to reject efforts by the European Union and other foreign governments to revise U.S. electric vehicle tax incentives. The $430 billion U.S. Inflation Reduction Act (IRA) passed in August restricts $7,500 consumer tax credits to North …
Unions press Biden administration to not change EV tax credit rules Read More »
By Lewis Krauskopf NEW YORK (Reuters) – A spate of earnings reports in coming weeks is set to test a recent bounce in technology and other megacap stocks, a category whose leadership position in U.S. markets has faltered after last year’s deep selloff. The tech-heavy Nasdaq 100 index has gained nearly 6.2% in 2023, compared …
Tech stock rebound faces doubters with earnings season ahead Read More »
By Chuck Mikolajczak (Reuters) – U.S. stocks rallied to close higher on Friday, as the S&P 500 and Dow snapped a three-session losing streak and the Nasdaq rose more than 2%, as quarterly earnings helped lift Netflix, while Google parent Alphabet climbed after announcing job cuts. Shares of Netflix Inc jumped 8.46% as the streaming …
Wall Street rallies to end higher on Alphabet, Netflix lift Read More »
WASHINGTON (Reuters) -U.S. regulators asked a federal judge on Friday to hold Martin Shkreli in contempt for allegedly impeding its efforts to determine whether he flouted a ban on working in the pharmaceutical industry, where Shkreli gained the nickname “pharma bro” for pushing through exorbitant price increases and was convicted of scheming to defraud investors …
U.S. asks judge to hold Shkreli in contempt for allegedly flouting pharma industry ban Read More »
(Reuters) – The Federal Reserve can probably start to slow its balance sheet runoff once bank reserves fall to around 10% or 11% of gross domestic product, Fed Governor Christopher Waller said on Friday. “We’ll start slowing as we approach maybe reserves being 10% to 11% of GDP,” Waller said at a Council of Foreign …
Fed can likely slow runoff as bank reserves near 10% to 11% of GDP Read More »
By Jonathan Stempel (Reuters) – Johnson & Johnson and its DePuy Synthes unit will pay $9.75 million to settle U.S. Department of Justice accusations that DePuy illegally provided free products to a Massachusetts surgeon who used them in spinal surgeries in six Middle Eastern countries. According to settlement papers, the surgeon used more than $100,000 …
U.S. fines J&J $9.75 million over kickbacks to surgeon for overseas surgeries Read More »
By David Morgan and David Lawder WASHINGTON (Reuters) – The U.S. government hit its $31.4 trillion borrowing limit on Thursday, amid a standoff between the Republican-controlled House of Representatives and President Joe Biden’s Democrats on lifting the ceiling, which could lead to a fiscal crisis in a few months. Treasury Secretary Janet Yellen informed congressional …
U.S. hits debt ceiling as partisan standoff sparks economic worries Read More »
By Howard Schneider and Ann Saphir (Reuters) -U.S. Federal Reserve Governor Christopher Waller, one of the leading inflation hawks and an advocate last year of aggressive rate increases, supports scaling back to quarter-point rate hikes at the Fed’s next meeting, all but cementing another step down in the pace of the central bank’s monetary tightening. …
Fed’s Waller, citing “good news,” backs quarter-point increase at next meeting Read More »
By Kylie Madry and David Shepardson MEXICO CITY/WASHINGTON (Reuters) -The U.S. Federal Aviation Administration (FAA) has opened an office in Mexico, the regulatory body said on Friday, a sign the country is looking to aid one of its top travel partners to recover a coveted safety rating after being downgraded in May 2021. The downgrade …
U.S. aviation authority FAA opens office in Mexico Read More »
