In landmark case, Oklahoma is first state to sue an opioid manufacturer all the way to trial as judge orders orders company to pay $572m
An Oklahoma judge has found Johnson & Johnson liable in a lawsuit claiming the giant drug maker helped fuel the deadly opioid epidemic in the state.
Oklahoma is the first state to sue an opioid manufacturer in court all the way to trial.
Continue reading...Investors seek safe havens such as US treasuries and gold as the superpower standoff shows no sign of being resolved
Shares in Australia and across Asia Pacific have fallen sharply amid a new flare-up of US-Chinese trade tensions.
Despite a senior Chinese leader saying Beijing wanted to resolve the dispute with “calm negotiations”, indices were deep in the red on Monday.
Continue reading...Patagonia, Ben & Jerry’s, Danone and others take out full-page ad in New York Times addressed to business leaders
The bosses of some of the world’s biggest companies, including Apple and Amazon, have been told to put the planet before profits – not by environmental campaigners but by other multinationals, including Danone’s US arm, and a unit of Unilever.
A group of more than 30 American business leaders, including the heads of outdoor clothing brand Patagonia, The Body Shop owner Natura, Ben & Jerry’s (part of Unilever) and Danone’s US business, have taken the extraordinary step of taking out a full-page ad in Sunday’s edition of the New York Times to champion a more ethical way of doing business. The advert is aimed at members of the influential Business Roundtable (BRT) lobby group, which represents 181 of the US’s biggest companies.
Continue reading...The G7 thought it had solved Africa’s problems, but rising child poverty is a ticking time bomb
Time was when Africa dominated gatherings of the G7. In the period between two summits held in the UK – Birmingham in 1998 and Gleneagles in 2005 – the talk was of little else. There was public activism and it led to political action.
In part, that was because the big developed countries were enjoying a spell of low-inflationary growth and could look beyond their own problems to see a bigger picture. There was the occasional financial panic, but the G7 thought the problems of economic management had largely been solved and all that was needed was a bit of tinkering by technocratic central bankers.
Continue reading...French president Emmanuel Macron has said he hopes to convince world leaders to pull back from trade war and heal growing divisions at the G7 summit in Biarritz, despite signs that will be a daunting task.
Related: Boris Johnson prepares for Biarritz balancing act with Donald Trump
Continue reading...President ‘hereby orders’ US firms to seek alternative locations and suggests Fed Chair is an ‘enemy’
Donald Trump escalated his attacks on China on Friday, bumping up tariffs on Chinese imports and ordering US companies to leave China.
Trump’s announcements on Friday – all on Twitter – came after the president launched another blistering criticism of the Federal Reserve chairman, Jerome Powell, asking: “Who is our bigger enemy, Jay Powell or [China’s] Chairman Xi?”
Continue reading...Quantum Fertiliser, part of ASX-listed Incitec Pivot, says it is reviewing its operations to avoid a recurrence
The Australian multinational at the centre of an Iran sanctions scandal has offloaded a $15m shipment of Iranian cargo it says it was duped into taking, and is reviewing its operations to avoid a repeat.
A subsidiary of ASX-listed company Incitec Pivot took hold of a cargo shipment of fertiliser from Iran late last month, potentially risking a contravention of strict United States sanctions.
Continue reading...On Friday the US president ‘hereby ordered’ companies to halt business with China, among other attacks – how did we get here?
Even by Donald Trump’s standards his Twitter rant attacking China on Friday was extraordinary. In a series of outbursts Trump “hereby ordered” US companies to stop doing business with China, accused the country of killing 100,000 Americans a year with imported fentanyl and stealing hundred of billions in intellectual property.
The attack marked a new low in Sino-US relations and looks certain to escalate a trade war already worrying investors, manufacturers and economists who are concerned that the dispute between the two economic superpowers could trigger a recession.
Continue reading...Move puts additional 5% and 10% on imports in latest tit-for-tat between top two economies
China has unveiled retaliatory tariffs against about $75bn (£60bn) worth of US goods, putting up to 10% on top of existing rates in the latest tit-for-tat in the dispute between the world’s top two economies.
The salvo from China on Friday comes after the US unveiled tariffs on an additional $300bn of Chinese goods, including consumer electronics, scheduled to go into effect in two stages on 1 September and 15 December.
Continue reading...Brazil’s handling of forest fires set to top agenda of G7 countries at meeting in Biarritz this weekend
Amazon fires: what is happening and is there anything we can do?
France and Ireland have said they will oppose an EU trade deal with South American countries unless Brazil takes action to stop the burning of the Amazon.
On the eve of a meeting of the G7 nations in Biarritz, an Élysée source said Emmanuel Macron thought Brazil’s president, Jair Bolsonaro, “lied” to him at the G20 meeting in Osaka in June about his climate commitments and therefore France would oppose the Mercosur treaty.
Continue reading...Regulator had said it corruptly hired unqualified relatives of foreign officials to win business
Deutsche Bank has agreed to pay a $16m (£13m) fine to US authorities overallegations that it hired unqualified relatives of powerful Russian and Chinese government officials to win business.
The Securities and Exchange Commission (SEC) alleged that Germany’s largest lender had used false books to record the hirings, which meant the relatives – known in China as “princelings” – did not have to go through rigorous interview processes.
Continue reading...Trump has threatened high tariffs on French wine in response to Macron’s tech tax
French wine-makers are increasingly concerned about Donald Trump’s threats to introduce high tariffs on French wine in retaliation for Emmanuel Macron’s tax on global technology companies, as world leaders gather for the Biarritz G7 summit this weekend.
A new front in Trump’s international trade wars could open up across France’s vineyards, damaging the livelihoods and jobs of small producers, if the US president decides to substantially increase tariffs on French wine as punishment for what he has called the “foolishness” of the new levy on the annual revenues of technology companies.
Continue reading...Exclusive: Coalition needs to include over 65s and other disadvantaged welfare recipients to hit $600m budget plan
The Morrison government could target thousands of pensioners and other “sensitive” welfare recipients under a proposed expansion of the controversial robodebt scheme needed to achieve a promised $2.1bn in budget savings, according to confidential documents seen by Guardian Australia.
The documents, stamped “PROTECTED CABINET”, show the scheme would fall $600m short of its required budget savings unless it is expanded to hit “sensitive” groups originally quarantined from data matching.
Continue reading...Was it murder? Suicide? Or just an accident? Almost 30 years before Jeffrey Epstein’s demise, Ghislaine Maxwell was caught up in another shocking and scandal-ridden mystery
At one time, everyone knew where to find Ghislaine Maxwell. The former aide-de-camp of the disgraced, now deceased, billionaire Jeffrey Epstein was a fixture in Manhattan’s most fashionable salons. With an impressive list of contacts, including Prince Andrew and Chelsea Clinton, she was a regular at fundraisers, book launches and society weddings.
The last place anyone would have expected to see her was a Los Angeles shopping mall, where the 57-year-old was photographed in a burger joint last week, just days after Epstein’s suicide in a New York jail, where he was being held on charges of sex trafficking underage girls.
Continue reading...Jadestone CEO says it could cover the cost of cleaning up a major spill, even though company has never made a profit
The new operator of the site of Australia’s worst ever oil spill has dismissed concerns it might not have the financial capacity to clean up should disaster strike again.
Ten years ago on Wednesday an estimated 40 million litres of oil leaked from a faulty rig in the Montara field, in the Timor Sea, and for 10 weeks spread over tens of thousands of square kilometres of ocean.
Continue reading...Climate emergency and population growth blamed for deteriorating water quality, with ‘cocktail of chemicals’ changing as countries become richer
The planet is facing a mounting and “invisible” water pollution crisis, according to a hard-hitting World Bank report, which claims the issue is responsible for a one-third reduction in potential economic growth in the most heavily affected areas.
The study, which assembled the world’s largest database of water pollution, assesses how a combination of bacteria, sewage, chemicals and plastics suck oxygen from water supplies and transform water into poison for people and ecosystems.
Continue reading...Bundesbank says summer’s slump in exports is expected to continue into the autumn
Germany’s economy is heading into recession after the country’s central bank warned that a slump in exports during the summer was likely to continue into the autumn.
The Bundesbank said a downturn in orders for cars and industrial equipment in the second quarter of the year was likely to continue in the third quarter, leaving the economy on the brink of a technical recession, defined as two consecutive quarters of negative GDP growth.
Continue reading...The US president’s talk of a ‘large real estate deal’ says a lot about his view of the world
Greenland, and more specifically its purchase by the US, is being actively discussed in Donald Trump’s Oval Office. But what exactly is it that makes one of the world’s most desolate places such an attractive proposition?
For the president, it is the real estate deal of a lifetime, one that would secure a land mass a quarter the size of the US and cement his place in US history alongside President Andrew Johnson, who bought Alaska from Russia in 1867, and Thomas Jefferson, who secured Louisiana from the French in 1803.
Continue reading...Exclusive: Hannah Fry says ethical pledge needed in tech fields that will shape future
Mathematicians, computer engineers and scientists in related fields should take a Hippocratic oath to protect the public from powerful new technologies under development in laboratories and tech firms, a leading researcher has said.
The ethical pledge would commit scientists to think deeply about the possible applications of their work and compel them to pursue only those that, at the least, do no harm to society.
Continue reading...Women at factories in Lesotho owned by Taiwanese firm say jobs and promotions in jeopardy if they refuse advances, claims report
Women producing jeans for American brands including Levi Strauss, Wrangler and Lee have been forced to sleep with their managers to keep their jobs or gain promotion, an investigation into sexual harassment and coercion at garment factories in Lesotho has found.
Brands have responded to the “extensive” allegations by the the US-based Worker Rights Consortium by signing enforceable agreements with labour and women’s rights groups to eliminate gender-based violence for more than 10,000 workers at five factories owned by the Taiwanese company Nien Hsing, one of the southern African country’s largest employers.
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