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Johnson & Johnson split cancer lawsuit liability and filed for bankruptcy to avoid huge compensation
Johnson & Johnson is using bankruptcy courts to resolve legal liabilities relating to its talc products, placing a new subsidiary under section 11 of the US Bankruptcy Code. The new company, called LTL Management LLC, filed for bankruptcy in North Carolina on Thursday. In court documents, the company listed up to $10 billion in assets and up to $10 billion in liabilities. Johnson & Johnson did not file for bankruptcy itself. Johnson & Johnson Executive Vice President Michael Ullman said in a statement: “We are taking these actions so that all parties involved in the cosmetic talc case understand the truth. Although we
Boeing 737MAX's First Criminal Lawsuit: Former Chief Technical Pilot Charged with Fraud
The US Department of Justice said on Thursday that a former chief technical pilot of Boeing was accused of defrauding federal regulators in an evaluation of the company's 737 MAX aircraft to help the company save money. Mark Forkner (Mark Forkner), 49, has been charged with conspiring to defraud Boeing airline customers in the US and saving Boeing tens of millions of dollars. According to the indictment, Faulkner provided the US Federal Aviation Administration (FAA) with “seriously false, inaccurate, and incomplete information about the Maneuverability Enhancement System (MCAS), a new component of the Boeing 737 MAX flight control component, the Maneuverability Enhancement System (MCAS)
The US homebuilder confidence index fell to a 13-month low in August
Due to high prices and costs and continued supply shortages, the US homebuilder confidence index fell to a 13-month low in August. According to data released by the National Association of Home Builders (NAHB) /Wells Fargo on Tuesday, the index that measures the confidence of builders declined for the third month in a row, falling from 80 in July to 75, the biggest drop since April 2020. Economists expect the median value to be flat at 80. Although the recent drop in the prices of construction materials such as timber is good news for builders, some buyers have still not entered the market due to strong demand and low inventories. With supply chain restrictions, NAHB said
The biggest increase in US manufacturing output in four months was boosted by the automobile industry
US manufacturing output recorded the biggest increase in four months in July, rebounding above pre-pandemic levels, indicating that manufacturers are struggling to resolve supply chain chaos and supply shortages. According to data released on Tuesday, manufacturing output increased 1.4% month-on-month in July; after the June correction, it fell 0.3%. Overall industrial output, which includes mining and utilities, increased 0.9% in July. Economists expect a 0.7% month-on-month increase in manufacturing output and 0.5% month-on-month in industrial output. Although the results include a surge in automobile production, the range of production increases during the month was quite broad. Strong commercial expenses, stable spending
J.P. Morgan anticipates the UK's first interest rate hike six months ahead of schedule due to strong employment data
J.P. Morgan anticipated when the Bank of England might raise interest rates ahead of schedule, saying that strong momentum in the UK labor market may prompt the central bank to take action in the second quarter of 2022. Economist Allan Monks said that the first rate hike of 15 basis points to 0.25% would be six months earlier than he had anticipated, after which the Bank of England would raise interest rates every six to nine months. He released these expectations after official data showed record wage increases and job vacancies. “The market demand for net new jobs is strong, and this is happening in the face of a labor shortage,” Monks Week
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