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☆ Fewer US temp jobs may flag longer lasting concern
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Sept 1 (Reuters Breakingviews) - A steady drop in the temporary worker employment is a concerning blight in an otherwise steady U.S. labor market. Companies that recruit and place temps tend to cut payrolls when the first signs of an economic slowdown emerge. The crest, at 3.2 million, occurred 17 months ago, in March 2022, signaling that weakness could be ahead. Although the jobless rate reached 3.8% in August, its highest since early 2022, there are few other glaring employment concerns. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Ben Winck, Pernod Ricard, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, Bureau of Labor Statistics, Companies, X, Thomson

☆ India's twin growth engines face turbulent weather
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Sept 1 (Reuters Breakingviews) - India’s gross domestic product grew 7.8% in the April to June quarter, its fastest pace in a year. The print preserves the South Asian nation’s title for the fastest-growing major economy, yet the eye-popping level may not sustain. A patchy monsoon and high food costs threaten the twin engines behind the latest headline figure. Meanwhile, El Nino weather conditions mean the winter agriculture crop could be as weak as the summer yield, keeping prices high for longer. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Narendra Modi’s, Modi, Shritama Bose, Pernod Ricard, Una Galani, Thomas Shum Organizations: Reuters, Tata Consultancy Services, Reserve Bank, India’s, X, Microsoft, Thomson Locations: MUMBAI, El Nino

☆ Pernod Ricard shares face a lengthy dry spell
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

A glass of cognac is pictured on a bar in the Manhattan borough of New York City, November 13, 2015. REUTERS/Mike Segar Acquire Licensing RightsLONDON, Aug 31 (Reuters Breakingviews) - Pernod Ricard (PERP.PA) shareholders have few reasons to cheer. The owner of Mumm champagne and Absolut Vodka said that China’s property crunch was making wholesalers cautious and keeping punters out of nightclubs. China has been a key source of growth for drink-makers: helped by Asia, Pernod Ricard’s sales outside of Europe and the Americas grew 17% in 2023. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Segar, Pernod Ricard, Mumm, Remy Cointreau, Aimee Donnellan, Mukesh Ambani’s, Neil Unmack, Oliver Taslic Organizations: REUTERS, Reuters, Investors, Pernod, Diageo, X, Thomson Locations: Manhattan, New York City, U.S, China, Asia, Europe, Americas

☆ Thriving US makes Dollar General a tougher sell
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Aug 31 (Reuters Breakingviews) - The U.S. economy’s gain is shaping up to be Dollar General’s (DG.N) loss. Dollar General sales grew a record 16.3% when Covid-19 slammed the U.S. in 2020, but rose only 2.5% when the economy reopened in 2021. During the recession years of 2008 and 2009, sales grew 9% and 9.5%, respectively. Dollar General now reckons earnings in the year to January 2024 could fall as much as 34%, compared to a previous estimate of a drop of up to 8%. Dollar General’s valuation is still far from discounted.

Persons: Jeff Owen, Ben Winck, Pernod Ricard, Peter Thal Larsen, Sharon Lam Organizations: Reuters, Atlanta Federal, X, Microsoft, Thomson

☆ Microsoft swerves to avoid EU speeding ticket
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Microsoft Teams app is seen on the smartphone placed on the keyboard in this illustration taken, July 26, 2021. Yet Microsoft has arguably created a lot more value using its market clout. Back in 2016, Slack was the hottest new product for helping office workers communicate with over 4 million users. Combining Teams with its Office 365 and Microsoft 365 software bundles gave the messaging and collaboration app a big leg up. Microsoft said on a call in April that Teams had over 300 million monthly users.

Persons: Slack, Robert Cyran, Pernod Ricard, Mukesh Ambani’s, Peter Thal Larsen, Sharon Lam Organizations: Microsoft, Reuters, Big Tech, European Union, Apps, X, Thomson Locations: Europe

☆ Adani fault lines raise bar for India’s regulator
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. It was a hunt an Indian panel probing allegations of stock manipulation warned might be "a journey without a destination". Adani on Thursday rejected OCCRP’s claims, saying they are based on decade-old closed cases. Shares of Adani Total Gas (ADAG.NS), a joint venture with France’s Total, and Adani Power (ADAN.NS) and Adani Enterprises (ADEL.NS) fell 2.5%, 3.5% and 3% respectively. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gautam Adani, Amir Cohen, Gautam, Hindenburg, Madhabi Puri, she’s, Nasser Ali Shaban Ahli, Taiwan’s Chang Chung, Ling, Vinod Adani, Gautam Adani’s, Adani, OCCRP’s, Mukesh Ambani’s, Didi, Antony Currie, Thomas Shum Organizations: Adani Group, Haifa Port, REUTERS, Rights, Reuters, India’s Securities, Exchange Board of India, United Arab Emirates, France’s, Adani Enterprises, X, Thomson Locations: Haifa, Israel, Madhabi Puri Buch, Una

☆ 3M agrees to pay $6 billion after US military said faulty earplugs led to hearing loss
▼ + stars: | 2023-08-29 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —3M has agreed to pay $6 billion to resolve roughly 300,000 lawsuits alleging that the manufacturing company supplied faulty combat earplugs to the military that resulted in significant injuries, such as hearing loss. 3M is prepared to continue to defend itself in the litigation if certain agreed terms of the settlement agreement are not fulfilled,” the company said. 3MThe earplugs were used by the US military in training and combat from 2003 to 2015. Veterans accused 3M of selling defective earplugs that caused hearing loss and tinnitus, according to a 2021 Wall Street Journal report. The earplugs were made by Aearo Technologies, a company 3M bought in 2008.

Persons: 3M, Aearo Organizations: New, New York CNN, Veterans, Aearo Technologies, 3M Locations: New York, United States

☆ 3M’s $6 bln earplugs settlement is a little sticky
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

A variety of 3M products are pictured at an Orchard Supply Hardware store in Pasadena, California U.S., January 24, 2017. REUTERS/Mario Anzuoni Acquire Licensing RightsNEW YORK, Aug 29 (Reuters Breakingviews) - 3M’s (MMM.N) latest legal settlement includes some curious wrinkles. Moreover, the earplugs agreement is conditioned on 98% participation from what is now roughly 250,000 claimants. The $60 billion company is trying to project the idea it’s getting past its legal entanglements, but the reality is a little stickier. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mario Anzuoni, Scotchgard, Jeffrey Goldfarb, Mukesh Ambani’s, Didi, Lauren Silva Laughlin, Sharon Lam Organizations: Supply, Pasadena , California U.S, REUTERS, Reuters, Aearo Technologies, X, Thomson Locations: Pasadena , California

☆ Post-it maker 3M is in danger of coming unstuck
▼ + stars: | 2023-07-19 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +10 min

There will be up to $1.5 billion of costs related to separating the health care business, 3M has said. Its interest cover, after backing out estimated operating income from health care, would fall to about 4 times from 11 times. And its net debt, using all these assumptions and excluding the health care division, would swell to nearly 5 times EBITDA from less than 2 times. Back out $2.5 billion from health care, as estimated by the Morgan Stanley team, and $1.5 billion of capital expenditure costs noted by Wolfe Research. For example, the water settlement, as drafted, only envisions $4.6 billion of outlays through 2025, and the rest over the ensuing 11 years.

Persons: Mike Roman, Roman, Sackler, Johnson, Aearo, ”, Morgan Stanley, Smith, Nephew, Lauren Silva Laughlin, Streisand Neto Organizations: YORK, Reuters, U.S . Environmental, Purdue Pharma’s, Association of Metropolitan Water Agencies, Bayer, Monsanto, Aearo Technologies, Partners, Honeywell International, Siemens, 3M, Refinitiv, Reuters Graphics, Wolfe Research, Thomson Locations: . Oregon, Republic, Corning

☆ 3M agrees to pay $10.3 billion to settle 'forever chemicals' lawsuits
▼ + stars: | 2023-06-22 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —3M announced Thursday that it had reached an agreement to settle lawsuits that claimed that toxic “forever chemicals” had contaminated water supplies in the United States. The company — which produces Post-It notes, Scotch Tape, and n95 masks, among other industrial products — said it would pay up to $10.3 billion over 13 years to fund public water suppliers in the US that have detected these chemicals in drinking water. Polyfluoroalkyl and perfluoroalkyl substances (PFAS), known as “forever chemicals,” have been found in hundreds of household items, including makeup and carpeting, and are used to make coatings that repel water, grease, and oil. The settlement comes after 3M faced thousands of lawsuits for the last two decades over its manufacturing of products containing PFAS. These lawsuits allege that 3M knew PFAS caused cancer, developmental defects and other health problems, and that the chemicals contaminated US drinking water systems.

Persons: 3M’s, ”, Mike Roman Organizations: CNN — 3M, 3M, Chemours, DuPont, US Environmental Protection Agency Locations: United States

☆ US judge rejects 3M effort to resolve earplug lawsuits in bankruptcy
▼ + stars: | 2023-06-09 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

NEW YORK (Reuters) -A U.S. judge on Friday dismissed the bankruptcy of 3M subsidiary Aearo Technologies, rejecting an effort to resolve nearly 260,000 lawsuits alleging that 3M military earplugs caused hearing loss for veterans and U.S. service members. 3M and Aearo had argued that the earplug litigation had spiraled out of control and could be resolved only in bankruptcy. Graham acknowledged that the earplug litigation was “staggering,” representing 30% of all cases currently pending in the federal district courts. Those appeals could “fundamentally change the trajectory” of the earplug lawsuits, 3M said. 3M’s bankruptcy strategy mirrors a similar effort by Johnson & Johnson, which has attempted to resolve lawsuits through the bankruptcy of a newly created subsidiary, LTL Management.

Persons: Brendan McDermid, Jeffrey Graham, Aearo, Graham, Bryan Aylstock, Chris Seeger, ” “, ” Aylstock, Seeger, Johnson, J, LTL Organizations: YORK, Aearo Technologies, New York Stock Exchange, REUTERS, 3M, Aearo, U.S, Circuit, Johnson, LTL Management Locations: U.S, New York City, Indianapolis, Pensacola , Florida, Florida

☆ 3M chief business office fired for inappropriate conduct
▼ + stars: | 2023-05-15 | by ( Samantha Delouya | ) edition.cnn.com time to read: +1 min

New York CNN —Manufacturer 3M fired longtime executive Michael Vale on Friday, citing “inappropriate conduct and violation of company policy.”Vale was promoted to a new role as 3M’s group president and chief business and country officer just last month. In that position, Vale oversaw 3M’s safety, industrial, consumer, transportation and electronics businesses, reporting directly to CEO Mike Roman. Before the new role, Vale served as 3M’s group president for the company’s safety and industrial business. Vale had been an employee at the company, which produces tape, surgical masks, and other industrial products, for more than 30 years. Michael Vale, former Group President, Chief Business and Country Officer at 3M.

☆ 3M Investor Raises Concerns About Company Leadership
▼ + stars: | 2023-02-03 | by ( John Keilman | ) www.wsj.com time to read: 1 min

An investor said 3M’s revenue and earnings have been disappointing since Mike Roman became CEO. One of 3M Co.’s largest investors has raised concerns about Chief Executive Mike Roman ’s leadership and questioned whether a change may be needed at the top of the manufacturing giant. In a letter to Mr. Roman dated Jan. 28, Bert Flossbach, the co-founder and senior portfolio manager of German mutual-fund firm Flossbach von Storch AG, said 3M’s revenue and earnings have been disappointing since Mr. Roman became CEO in 2018, citing a total shareholder return of negative 32% during that time, compared with a 62% gain in the S&P 500.

A lawyer for Johnson & Johnson’s subsidiary said in a statement that the company would seek a rehearing of the panel’s decision by the full 3rd Circuit court. Gordon’s strategy worked in bankruptcy court but set up J&J for failure when it faced the 3rd Circuit appeals panel. Gordon, at the bankruptcy conference, described the lawsuits as “completely unmanageable” and a dire threat to J&J that could go on for decades. The 7th Circuit Court of Appeals is expected to hear arguments in coming months on a challenge to the 3M subsidiary’s bankruptcy. The litigation, they asserted, should be allowed to proceed against Georgia-Pacific because the parent company did not file for bankruptcy.

☆ 3M’s Quarterly Sales Fall Due to Strong Dollar
▼ + stars: | 2022-10-25 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

3M said the strong dollar lowered sales in the latest quarter by about 5%. 3M said the run-up in the U.S. dollar wiped out sales gains for the recently ended quarter and lowered its full-year guidance to reflect the currency hit as well as macroeconomic uncertainty. The manufacturing conglomerate, which is based in St. Paul, Minn., and makes Scotch tape, Post-It notes and more, said Tuesday the strong dollar lowered sales in the quarter by about 5%. Excluding effects from currency and divestitures, organic sales rose 2% in the period, 3M said.

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