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Johnson & Johnson shares drop after asbestos report

Johnson & Johnson shares drop after asbestos report

Business
Shares in Johnson & Johnson plunged more than 10% on Friday, after Reuters reported that the US pharmaceutical giant had known about asbestos tainting its talcum powder for decades.The report comes as the company faces thousands of lawsuits claiming that its talc products caused cancer.Reuters' review of documents found the company was aware of trace amounts of asbestos since at least 1971.J&J lawyers said: "Johnson & Johnson's baby powder is safe and asbestos-free."The Reuters article is one-sided, false and inflammatory. Simply put, the Reuters story is an absurd conspiracy theory."Attorney Peter Bicks told Reuters in an email. "The scientific consensus is that the talc used in talc-based body powders does not cause cancer, regardless of wha...
Bolton outlines shift in Africa strategy for military, civilian aid

Bolton outlines shift in Africa strategy for military, civilian aid

Business
Dec. 14 (UPI) -- National Security Advisor John Bolton said during a speech at the Heritage Foundation that the U.S. has to readjust it's strategy for Africa regarding military and civilian aid with Chinese and Russian encroachment on the continent. "ISIS, al-Qaida, and their affiliates all operate and recruit on the African continent, plotting attacks against American citizens and targets. Any sound U.S. strategy toward Africa must address this serious threat in a comprehensive way," Bolton said during the speech on Thursday. "In 2017, China established a military base in Djibouti that is only miles from our U.S. base, Camp Lemonnier, which supports critical U.S. operations to counter violent terrorist organizations in East Africa," Bolton warned. Camp Lemonnier is the primary U.S. bases...
What's knocked US markets off course?

What's knocked US markets off course?

Business
Just a few months ago, US financial markets seemed headed for a third year in a row of hefty increases.But shares have tumbled since October, retreating to lower levels than at the start of the year. That decline continued on Friday, as weak economic data in Europe and China sparked a late afternoon sell-off, sending all three major US share indexes lower.The Nasdaq dropped almost 2.3%, the Dow fell 2% and the S&P 500 sank 1.9%.For those invested in US stocks, the double-digit gains in seven of the last 10 years may still feel pretty good.But as Wall Street debate turns to just when a recession might begin, many investors are bracing for a rough patch. What's behind the shift in sentiment?1. The tech boom was overblown.At the...
Fee for travelling to the EU after Brexit revealed

Fee for travelling to the EU after Brexit revealed

Business
Millions of Britons travelling to the EU will have to pay €7 (£6.29) for visa-free travel from 2021, Sky News has learned. The post-Brexit move was confirmed by the European Commission in response to a question to its President Jean Claude-Juncker.Alongside the fee, UK citizens will need to pre-register for the three-year electronic visa waiver.The small print of the detailed draft regulation covering visa exemptions for UK citizens travelling to the bloc says that "the European Travel Information and Authorisation System (ETIAS) will apply to United Kingdom nationals once union law on free movement of union citizens ceases to apply to them, as to other visa-free third country nationals".:: EU sends 'crystal clear' message to UK as May's hopes dashed ...
Auditors face market share cap after CMA probe

Auditors face market share cap after CMA probe

Business
The UK’s big four auditors will next week face an unprecedented move to limit their market share and allow smaller rivals to gatecrash their self-confessed oligopoly as regulators shake up a sector rattled by a string of corporate collapses. Sky News has learnt that the Competition and Markets Authority (CMA) is preparing to recommend a series of remedies to bolster competition in the audit sector following a two-month market study, but that it will stop short of demanding a full-break-up of the dominant quartet: Deloitte, EY, KPMG and PricewaterhouseCoopers (PwC).Although they have yet to be formally briefed on the CMA's conclusions, senior figures in the profession have learned in recent days about its main recommendations, which nonetheless remain subject to change...