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☆ In wake of baby formula crisis, critical report recommends major food safety changes at FDA
▼ + stars: | 2022-12-06 | by ( Jen Christensen | ) edition.cnn.com time to read: +10 min

It enforces food safety regulations, works with local governments on food safety information, promotes dietary guidelines, and develops food safety information and education, as well as overseeing nutrition labels on most food and being responsible for promoting good nutrition practices to the US public. Another would have the FDA develop a strategy to increase funding for the Human Foods Program, with help from Congress. “The current culture of the FDA Human Foods Program is inhibiting its ability to effectively accomplish this goal” of protecting public health,” the report says. “The work of these independent evaluators will help to inform a new vision for the FDA Human Foods Program,” Califf said in a news release. Some critics have suggested that food safety takes a back seat to the FDA’s regulations of drugs and medical devices.

☆ Airlines warn of higher fares from green transition
▼ + stars: | 2022-12-06 | by ( Emma Farge | ) www.reuters.com time to read: +2 min

Willie Walsh, Director General of the International Air Transport Association, which includes most of the world's major airlines, called for swifter action in Europe to drive up scarce production of greener Sustainable Aviation Fuel (SAF). Air fares have already jumped this year as a result of higher prices for conventional fossil-based jet fuel. Environmental groups argue that air higher travel costs will help to rein in emissions by curbing growth in traffic. In July, the European Parliament backed rules on aviation fuel that set binding targets for the replacement of kerosene with less polluting sources, while extending the definition of what a green fuel could be. This year's U.S. Inflation Reduction Act includes significant subsidies to the SAF industry in the form of tax credits, but European industry leaders including the head of planemaker Airbus (AIR.PA) have said the legislation is unfair.

☆ Meta threatens to remove news content over US journalism bargaining bill
▼ + stars: | 2022-12-05 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

CNN Business —Facebook owner Meta threatened to remove news content from its platforms on Monday following reports that US lawmakers have added controversial legislation favoring news media to the annual defense authorization bill. The warning highlights the danger that Meta perceives to its business model in the face of the proposed bill, known as the Journalism Competition and Preservation Act (JCPA). CNN has not independently confirmed the change to the defense bill. Among those that signed the letter were the American Civil Liberties Union, the Electronic Frontier Foundation, The Wikimedia Foundation and Public Knowledge. Digital Content Next, a trade association representing digital media companies, didn’t immediately respond to a request for comment.

☆ White House to ask oil and gas execs to support Ukraine energy infrastructure
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Roman Baluk/File PhotoDec 5 (Reuters) - The Biden administration is convening a virtual meeting on Thursday with oil and gas executives to discuss how the United States can support Ukrainian energy infrastructure, according to a letter seen by Reuters. The meeting comes as Russia seeks to cut off Ukraine’s energy supplies and destroy infrastructure as winter approaches with missile attacks. "As you know Ukrainian energy assets are being aggressively targeted in an effort to take advantage of the winter's coldest temperatures and harshest weather conditions. Together, we can help to boost Ukrainian resilience," wrote David Turk, U.S. deputy secretary of energy, in a letter to oil and gas executives. It involves members of the Oil and Natural Gas Sector Coordinating Council, which includes 26 trade associations.

☆ German exports fall more than expected as demand cools in Europe, U.S.
▼ + stars: | 2022-12-02 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

"The German export engine is noticeably juddering," said German chambers of commerce and industry (DIHK) trade chief Volker Trier. "High inflation rates and a tight monetary policy in important sales markets are dampening international demand." DIHK said last month Germany's exports were likely to fall 2% next year due to a sluggish global economy, with nearly half of German companies that sell abroad expecting an economic downturn. Also last month, German industrial group Thyssenkrupp (TKAG.DE) warned its sales and profit would "nosedive" next year as high inflation and energy costs are compounded by an expected recession in Europe. A survey published on Thursday showed Germany's manufacturing sector reported continued weaker demand in November but the downturn slowed as signs of fewer material shortages fuelled hopes that cost pressures could also ease.

SEOUL, Dec 1 (Reuters) - A strike by South Korean truckers is estimated to have cost 1.6 trillion won ($1.23 billion) in lost shipments, the industry ministry said on Thursday, as a lengthy strike becomes more likely with the government and union far from a compromise. The cement, steel, auto and oil refining industries have seen 1.6 trillion won in lost shipments in seven days since the strike began last week, the ministry said in a statement. This includes 562,600 tonnes of steel worth 731.3 billion, 6,707 cars worth 319.2 billion won, and 259,238 kilolitres of oil products valued at 442.6 billion won stuck in transit, it said. Two people at the meeting on Wednesday said shouting erupted during Wednesday's meeting between the government and strike organiser Cargo Truckers Solidarity Union (CTSU). The government is preparing to potentially order oil industry truckers back to their jobs, the industry ministry said on Thursday, after it issued an unprecedented order to force 2,500 cement industry truckers back to work this week.

☆ Railroad workers aren't the only Americans without paid sick leave
▼ + stars: | 2022-12-01 | by ( Tami Luhby | ) edition.cnn.com time to read: +6 min

The US does not have a national standard on paid sick leave, a rarity among industrialized nations. “The most disempowered workers – who are low-wage workers – don’t have an opportunity to demand paid sick leave from their employers,” he said. Railroad workers’ battleWhile the vast majority of union members have paid sick days, the freight railroad workers do not. Meanwhile, a growing number of states, cities and counties have been enacting paid sick leave laws in recent years. Advocates see the railroad workers’ battle as an opportunity to renew interest in expanding the availability of paid sick leave.

☆ Some illegal cannabis shops operating in NYC are selling weed contaminated with salmonella and pesticides, survey says
▼ + stars: | 2022-12-01 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

A November survey tested 40 cannabis products from 20 unlicensed weed retailers in New York City. The study found harmful bacteria and pesticides in at least 16 of the products tested. Nearly 40% of the products failed at least one of the standard tests conducted on legal marijuana products, survey reports. A November survey conducted by the New York Medical Cannabis Industry Association tested 40 cannabis products from 20 unlicensed stores advertising marijuana. Consumers not only have to worry about the health concerns of potentially contaminated pot but also misleading packaging on THC products.

☆ Stolen checks, fraudulent activity: three major trade association PACs fell victim to theft in what's become a political epidemic
▼ + stars: | 2022-11-30 | by ( Madison Hall | ) www.businessinsider.com time to read: +6 min

An Insider review of FEC filings shows that the National Association of Manufacturers' PAC reported eight instances of stolen and fraudulent checks and bank transfers, amounting to more than $10,000 in losses. Federal Election CommissionAnother trade association, the National Association of Home Builders, reported three instances of "fraudulent debit" during the 2021-2022 election cycle, amounting to more than $20,000 in lost funds. A filing with the FEC from the PAC of the National Association of Home Builders that details money lost from fraudulent disbursements. Federal Election CommissionThe National Association of Home Builders represents more than 140,000 members who construct close to 80% of all the new homes built in the US, per the association's website. The National Association of Home Builders did not respond to Insider's request for comment.

☆ Exclusive: UN treaty must tackle production of problematic plastics, Japan says
▼ + stars: | 2022-11-30 | by ( John Geddie | ) www.reuters.com time to read: +3 min

Nov 30 (Reuters) - A proposed United Nations plastic waste treaty must consider putting restrictions on the most problematic plastics, Japan's lead negotiator told Reuters, marking the first time the country has suggested it would support curbs on plastic production. However, on the same panel, Stewart Harris, a lobbyist for the American Chemistry Council, a trade association for some of the world's biggest plastic producers, warned that any move to restrict plastic production could backfire. "There will be tremendous unintended consequences if we were to restrict production." Plastic output is projected to double within 20 years, while the amount of plastic waste flowing into the world's oceans is forecast to triple in that period. The Swiss food and drink giant is among several big brands that have called for a reduction in virgin plastic production to bolster markets for recycled material and catalyse a shift towards reusable packaging.

☆ A Republican super PAC run by former NRA executives lost more than $158,000 in an email hack, federal records show
▼ + stars: | 2022-11-29 | by ( Madison Hall | ) www.businessinsider.com time to read: +5 min

A GOP super PAC lost more than $158,000 in an email hack, filings with the FEC indicate. The PAC, Secure Our Freedom Action Fund, is run by two former high-ranking NRA executives. Letter from Secure Our Freedom Action Fund to the Federal Election Commission. Sen.-elect Katie Britt, a Republican from Alabama, is one of the candidates that super PAC Secure Our Freedom Action Fund supported this year. The political action committees of three large trade associations reported stolen checks and fraudulent activity this election cycle as well.

☆ These 4 tips can help you dig out of debt after record Black Friday and Cyber Monday spending
▼ + stars: | 2022-11-29 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Consumers spent a record $9.12 billion online shopping during Black Friday and another record $11.3 billion on Cyber Monday, according to the most recent data from Adobe. So far this November, consumers have spent $107.7 billion online overall, up nearly 10% from last year. Yet roughly 60% of Americans were living paycheck to paycheck heading into the month. While buy now, pay later often promises zero interest, studies have also shown that installment buying could encourage consumers to spend more than they can afford. However, experts say it's not too late to avoid the same financial pitfalls this season.

☆ Products Made With Captured Greenhouse Gas Are Reaching Commercial Scale
▼ + stars: | 2022-11-28 | by ( Dieter Holger | ) www.wsj.com time to read: +6 min

Straws, bottles and packaging made with captured greenhouse-gas are starting to reach commercial scale, offering a way for businesses making and using everyday products to reduce emissions contributing to global warming. Origin Materials Inc. and Newlight Technologies Inc. are trying to meet that demand by bringing factories online that use captured emissions to manufacture materials used to make products including clothes, tires and plastic bottles. Sourcing and transporting raw inputs and captured CO2 are crucial to a product’s so-called carbon-negative credentials, meaning more CO2 is stored than created. The private company sources captured emissions from dairy farms, ethanol plants and landfills, and is expanding into coal mines and exploring direct-air capture. Competitor Origin Materials has a different approach to acquiring captured emissions and plans for its first commercial-scale factory to come online next year.

“There’s no such thing as a set forecast right now,” said Sophie Kelly, senior vice president of whiskies at Diageo North America, speaking at the same event. The firm, a unit of Interpublic Group of Cos.’ Mediabrands, cut its growth forecast for next year to 4.8% from an earlier prediction of 5.8% in June. Organic revenue growth is a metric that removes the effects of currency fluctuations, acquisitions and disposals. Airbnb Inc. slashed its advertising spending and invested in brand marketing, lessening its reliance on search-engine marketing. “We knew that people are changing their behavior,” said William White, Walmart’s chief marketing officer.

☆ South Korea's President Yoon warns of crackdown on striking truckers
▼ + stars: | 2022-11-25 | by ( Joyce Lee | ) www.reuters.com time to read: +3 min

According to South Korean law, during a serious disruption to transportation the government may issue such an order to force transport workers back to their jobs. If the government takes this route, it would be the first time in South Korean history such a order is issued. "The Yoon Suk-yeol government is threatening a hard-line response without any efforts to stop the strike," Lee told reporters on Thursday. This compares with South Korea's 200,000 tonnes of cement demand in the peak season between September and early December. The union estimated about 25,000 people were joining the strike, out of about 420,000 total transport workers in South Korea.

Land Minister Won Hee-ryong said that the government would consider deploying military trucks to areas needed for urgent transport. The Korea Oil Station Association is asking gas station owners to secure enough inventory ahead of the strike, an association official said on Wednesday. "We learned some lessons from the last strike," said the official, who declined to be named because of the sensitivity of the issue. The transport ministry had said some 7,000 people participated in the June strike, while the union said more than 22,000 took part. The Korea International Trade Association, a shippers' body, said on Wednesday that it has created a task force to handle any disruptions and minimise trade damage.

☆ Treasury Warns Crypto Industry of Money-Laundering Risks in ‘Mixers’
▼ + stars: | 2022-11-21 | by ( Mengqi Sun | ) www.wsj.com time to read: +3 min

The cryptocurrency industry must follow the U.S. Treasury Department’s anti-money-laundering and sanctions regulations to prevent bad actors from abusing platforms known as “mixers” to launder illicit funds, a senior official said. Crypto-industry participants have raised questions over the sanctions being imposed on Tornado Cash, a platform based on open-source, self-running software protocols. Some in the decentralized finance community have expressed concerns about what they see as excessive government pressure on the industry. Some, including Coinbase Global Inc. and industry advocacy groups, have sued the Treasury, alleging the action against Tornado Cash infringes on Americans’ privacy and First Amendment rights. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance.

The law allows the government to choose 10 drugs to negotiate from among the 50 costliest drugs for Medicare. Even so, Republicans will "chip away" at the drug price negotiation provision and its implementation, said Joel White, founder and president of Horizon Government Affairs. Biden is unlikely to weaken his signature domestic achievement, said Larry Levitt, Executive Vice President for Health Policy at the Kaiser Family Foundation. Even Republican support for the drug pricing provision is not guaranteed because it is popular with voters across the political spectrum, he said. "All Republicans voted against drug price negotiation, but they have to tread carefully in any effort to weaken it."

☆ 'Profoundly disturbing': The PR firm for the COP27 climate summit has a long history with Big Oil
▼ + stars: | 2022-11-16 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

"Hill and Knowlton is the main lobbying communications firm for the oil industry," said Duncan Meisel, campaign director at Clean Creatives, a U.S.-based group working to disentangle the PR industry from the fossil fuel sector. "Any PR firm that is actively supporting to promote [a] narrative of continued fossil fuel expansion under any circumstances is a problem," Muffett told CNBC via telephone. watch nowIt comes at a time of growing momentum for calls to end fossil fuel production worldwide. U.N. Secretary-General Antonio Guterres recently called out what he described as the "massive public relations machine raking in billions to shield the fossil fuel industry from scrutiny." "Fossil fuel interests need to spend less time averting a PR disaster — and more time averting a planetary one."

☆ This California startup says it can predict where wildfires might start—it's using that power in a surprising way
▼ + stars: | 2022-11-07 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +5 min

Nobody can predict the future, but a San Francisco-based startup called Kettle seems able to predict where wildfires could start in California. That means Kettle provides insurance for insurance companies. But Kettle's focus on reinsurance, rather than selling its software directly to insurance companies, is unique, Manning says. Most reinsurers predict wildfire risk through a decades-old technique that relies on historical data, Manning adds. In other words, reinsurance companies do benefit large insurers — but they also make sure you're able to get the money you're owed if disaster strikes.

☆ Don’t bother with dietary supplements for heart health, study says
▼ + stars: | 2022-11-06 | by ( Jen Christensen | ) edition.cnn.com time to read: +7 min

CNN —Six supplements that people commonly take for heart health don’t help lower “bad” cholesterol or improve cardiovascular health, according to a study published Sunday, but statins did. Some people believe that common dietary supplements – fish oil, garlic, cinnamon, turmeric, plant sterols and red yeast rice – will lower their “bad” cholesterol. The fatty deposits can block the flow of oxygen and blood that the heart needs to work and the blockage can lead to a heart attack or stroke. He calls these supplements “21st century snake oil.”In the United States, the Dietary Supplement and Health Education Act of 1994 sharply limited the US Food and Drug Administration’s ability to regulate supplements. “The good news, we know statins work,” Khera said.

☆ Police back Republican candidates in U.S. midterms, even those at Jan. 6 riot
▼ + stars: | 2022-11-03 | by ( Julia Harte | Daniel Wiessner | ) www.reuters.com time to read: +8 min

The rightward shift held true even in races where a Republican candidate attended the Jan. 6 rally. "But are you going to work with law enforcement, are you going to support law enforcement?" A union's backing also helps remove the stigma around a candidate's presence at the Jan. 6 rally, experts said. Van Orden has denied entering the grounds and said he left when the protest became a mob. Windorff, the Wisconsin police union president, said there was no evidence Van Orden had done anything wrong.

☆ UK breaching Brexit agreement on EU citizens’ rights, London court told
▼ + stars: | 2022-11-01 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

LONDON, Nov 1 (Reuters) - The British government is breaching the withdrawal agreement with the European Union by requiring EU citizens to reapply for the right to live and work in the United Kingdom, an independent body set up to oversee citizens’ rights told a London court on Tuesday. The Independent Monitoring Authority (IMA) says the Home Office’s post-Brexit settlement scheme unlawfully requires up to 2.6 million EU citizens to make a second application after being allowed to remain in the UK or lose their rights of residence. He said that this aspect of the EU settlement scheme – and a similar scheme for citizens from the countries of the European Economic Area and the European Free Trade Association – is “straightforwardly incompatible with the withdrawal agreement”. Palmer also said the European Commission, which has intervened in the case, supports the IMA’s interpretation of EU citizens’ rights under the withdrawal agreement. David Blundell, representing the Home Office, argued in court documents that the settlement scheme gives EU citizens “significantly more generous protection” than is required under the withdrawal agreement.

☆ Biden threatens higher taxes on oil companies if they do not work to lower gas prices
▼ + stars: | 2022-10-31 | by ( Emma Kinery | ) www.cnbc.com time to read: +3 min

President Joe Biden threatened Monday to pursue higher taxes on oil company profits if industry giants do not work to cut gas prices. Biden has criticized oil companies that have made record-high profits as consumers struggle to keep up with high gas prices. Inflation and the economy consistently rank as the top issue for voters — and higher gas prices stretched consumer budgets for much of this year. Any new taxes on oil profits would need congressional approval, which may prove difficult as Democrats control both chambers of Congress by slim margins. Biden has made pleas to oil companies to increase production rather than to enrich shareholders in recent weeks as the price of gas remains high.

☆ A third of UK hospitality businesses could go bust, industry warns
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 31 (Reuters) - Over a third of the UK's hospitality sector is at risk of going bust early next year due to soaring energy costs, rises in the cost of goods and falling consumer spending, according to a survey published on Monday. Hospitality represents 10% of UK employment, 6% of businesses and 5% of Gross Domestic Product (GDP), according to UKHospitality. The trade associations said continued uncertainty about rising inflation, future regulation and staffing is causing a crisis of confidence among business owners. "If urgent action isn't taken, it is looking incredibly likely that we will lose a significant chunk of Britain's iconic hospitality sector in the coming weeks and months," they said in a joint statement. Ahead of Hunt's fiscal statement on Nov. 17 they called for further business rates relief and a move to cut VAT sales tax for hospitality.

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