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☆ NJ deli stock fraud defendant denied bail as judge calls him a serious flight risk
▼ + stars: | 2023-04-17 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +4 min

Peter Coker Jr., left, is issued search warrants from police at his villa on the southern resort island of Phuket, Thailand, Jan. 11, 2023. A magistrate judge had approved Peter Coker Jr.'s release on a $1.5 million bond in late March, but he remained in an Essex County jail as prosecutors appealed the ruling. He added that Coker Jr.'s local doctors had advised him not to travel because of his health issues. Assistant U.S. Attorney Shawn Barnes acknowledged that Coker Jr. had health concerns, but said officials could have made arrangements to ensure his safety while traveling. After the judge delivered her ruling, Coker Jr.'s mother cried in the gallery and outside of the courtroom.

Kaplan said he shared Richenderfer's concerns, but would not take any action to stop LTL's second bankruptcy filing until he gets more information. J&J faces more than 38,000 lawsuits that have been consolidated in federal court in New Jersey alleging that its talc products sometimes contained carcinogenic asbestos, and those cases have been on hold while LTL pursues a bankruptcy settlement. J&J has said its baby powder and other talc products are safe, do not cause cancer or contain asbestos. LTL attorney Greg Gordon said at Tuesday's court hearing that the second bankruptcy is different because the company has fewer assets available and more support for a bankruptcy settlement. Gordon called that an "over the top accusation," saying plaintiffs' support for the settlement is real and substantial.

☆ Analysis: Japan's upbeat wages may keep new BOJ chief on hook for policy tweak
▼ + stars: | 2023-04-11 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

However, a widely expected upgrade in the Bank of Japan's price forecasts due this month may show inflation staying near 2% for several years. "The BOJ will probably upgrade its price forecasts this month. In doing so, it could offer new guidance on future policy and tweak YCC around summer or autumn," she said. With more firms hiking prices and employees' pay, the BOJ may revise up the forecasts and see inflation stay around 2% through fiscal 2025, analysts say. "The BOJ may see scope to tweak YCC as early as June," he said.

Companies Johnson & Johnson FollowApril 10 (Reuters) - Johnson & Johnson's renewed effort to resolve talc lawsuits through an $8.9 billion bankruptcy settlement must be dismissed as a "fraudulent scheme" that defies a court order rejecting the company's previous attempt to settle the litigation, according to a court filing from lawyers representing cancer victims. Circuit Court of Appeals that it was not in sufficient "financial distress" to qualify for bankruptcy. J&J maintains that its talc products are safe and do not cause cancer. J&J did not provide an estimate of the total number of talc claims it faces when asked. That's especially true for J&J talc cases, because LTL's first bankruptcy stopped new lawsuits from being filed after October 2021, he said.

☆ U.S. and China wage war beneath the waves – over internet cables
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +28 min

Three of China’s state-owned carriers – China Telecommunications Corporation (China Telecom), China Mobile Limited and China United Network Communications Group Co Ltd (China Unicom) – had committed funding as members of the consortium, which also included U.S.-based Microsoft Corp and French telecom firm Orange SA, according to six people involved in the deal. China Telecom, China Mobile, China Unicom and Orange did not respond to requests for comment. China Telecom, China Mobile and China Unicom were resolutely behind HMN Tech, which had come in with a bid of around $500 million. China Telecom and China Mobile threatened to walk off the project, taking tens of millions of dollars of investment with them. Among them is China Telecom, which had previously won authorization to provide services in the United States.

☆ Ex-fugitive in fraud scheme tied to $100 million NJ deli willing to pay millions for bail
▼ + stars: | 2023-03-16 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

Watching from the gallery was Coker's mother, Susan, and his father, Peter Coker Sr., 80, who is also a defendant in the case. "He looks good," Susan Coker told her son's lawyers, John Azzaerello and Bill McGovern, afterward. Coker Jr. is "pretty much willing to stake every nickel he has" to be released on bond, Azzarello said. After the hearing, Azzarello told CNBC, "I don't think this case, by any means, requires pretrial detention." Coker Sr. and Patten, who were arrested in September after a grand jury indicted them and Coker Jr. on 12 criminal counts, each remain free on $100,000 bond.

[1/3] A pharmacist holds a bottle of the drug Eliquis, made by Bristol Myers Squibb and Pfizer, at a pharmacy in Provo, Utah, U.S. January 9, 2020. The government will launch the negotiation process in September by naming the first drugs it plans to target. "We couldn't have the other parts of the IRA without this Medicare negotiation," said Sean Dickson, director of the West Health Policy Center, a non-partisan healthcare think tank. Eliquis, which Bristol Myers (BMY.N) shares with Pfizer (PFE.N), Ibrance, and Imbruvica, sold by AbbVie and Johnson & Johnson (JNJ.N), appear on every list. Pfizer, Novo Nordisk and J&J declined to comment on the likelihood their drugs would be included in the first round of negotiations.

☆ India's 1-yr, 10-yr yield curve briefly inverts for first time in nearly eight years
▼ + stars: | 2023-03-08 | by ( Dharamraj Dhutia | ) www.reuters.com time to read: +2 min

The 1-year bond yield, that trades close to the 364-day treasury bill yield, briefly rose to 7.4750% earlier in the day, while the 10-year benchmark 7.26% 2032 bond yield was at 7.4728%. The 1-year note last traded above the 10-year bond in May 2015, according to Refinitiv data. The 1-year yield eased to 7.43%, while the 10-year benchmark was at 7.46% as of 4:20 p.m. IST. On Feb. 28, Reuters reported that India's bond yield curve is likely to invert on the back of worsening liquidity deficit in India's banking system and bets of continued rate hikes. Reuters GraphicsThe benchmark 2032 bond yield has risen only 12 bps during the same period, leading to spread compression and ultimately inversion.

Companies Google Inc FollowAlphabet Inc FollowFeb 23 (Reuters) - U.S. Justice Department lawyers say that Alphabet Inc's Google (GOOGL.O) destroyed internal corporate communications and have asked a federal judge to sanction the company as part of the government's antitrust case over its search business. The DOJ's sanctions bid marks at least the second time in the case that the government has sought to punish Google. Last year, the DOJ alleged Google unfairly kept internal documents away from antitrust investigators, claiming they were protected by attorney-client privilege. The judge declined in April 2022 to sanction Google for conduct that occurred prior to the start of the litigation in 2020. The case is United States v. Google LLC, U.S. District Court for the District of Columbia, No.

☆ DOJ reportedly accelerates Apple antitrust investigation
▼ + stars: | 2023-02-15 | by ( Lauren Feiner | ) www.cnbc.com time to read: +1 min

The Department of Justice has accelerated its antitrust investigation into Apple , The Wall Street Journal reported Wednesday. Politico reported in August that the DOJ was in the "early stages" of drafting a potential complaint against the company. It's still unclear what role DOJ antitrust chief Jonathan Kanter will play in the investigation or any potential enforcement action. The Justice Department has two ongoing antitrust lawsuits against Google , with the first expected to go to trial in September. Read the full report at The Wall Street Journal.

MUMBAI, Feb 15 (Reuters) - The anticipation of Housing Development Finance Corp (HDFC.NS), India's largest mortgage lender, executing an interest-rate hedge once it completes its mega bond sale this week, is driving longer-duration bond yields lower, traders said on Wednesday. "HDFC is likely to do the trade on or post Friday, once it receives the money from its bond issuance," one of the bankers said. Under the trade, the banks will pay HDFC the yield on a government bond and in return receive the benchmark overnight rate plus a markup. The price risk on the bond is borne by HDFC and hence the name total return swap (TRS). And when the banks execute these swaps, there will likely be bunched-up demand for these bonds, which will pressure yields, traders said.

☆ Monday's rally raises the stakes ahead of inflation data release — listen to the 'Homestretch'
▼ + stars: | 2023-02-13 | by ( ) www.cnbc.com time to read: +7 min

I WOULD SAY IT DOES RAISE THESTAKES A LITTLE BIT SO TO SPEAKAHEAD OF CPI TOMORROW JUST INTERMS OF WE HAVE TO GET A GOODINFLATION NUMBER IN ORDER TOKEEP THE RALLY GOING. IF IT COMES IN A LITTLE BIT HOTOR MAYBE EVEN IF IT COMES IN ASEXPECTED, PERHAPS WE SEE SOMESELLING AND PROFIT TAKING THERE. YEAH, JUST IN TERMS OF WHAT ISWORKING TODAY, A LOT OF IT WILLBE TECH. SOME OF IT IS LED BY SOME OF OURNAMES, TOO, WHETHER IT ISMICROSOFT OR A LOT OF SEMISLEADING, NVIDIA, AMD. IT HAS LOST A LITTLE BIT OF ITSJUICE SINCE EARNINGS.

☆ Biden administration moving toward blocking JetBlue-Spirit merger - Politico
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

"We continue to work through the regulatory process to demonstrate how this merger will increase competition in the airline industry," JetBlue said in an emailed statement. Earlier this week, JetBlue officials answered questions and gave depositions as the DoJ pressed on with its anti-trust review. On Feb. 8, Spirit Airlines said it expects U.S. anti-trust regulators to decide whether to allow the low-cost carrier to proceed with the merger in the "next 30 days or so". JetBlue prevailed in a months-long bidding war for Spirit Airlines after the ultra-low-cost carrier accepted its offer in late July. Reporting by Manya Saini in Bengaluru; Additional reporting by Sourasis Bose; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

The Adani Group has denied any wrongdoing. "Depending on the outcome of the MSCI review, we could see more pressure on select Adani group stocks." "This determination has triggered a free float review of the Adani Group securities." Adani Group did not respond to a Reuters request for comment. They accuse his government of giving undue favours to the Adani Group, a charge denied by the government and the company.

☆ Japan's Kishida says global communication skills key criteria for picking new BOJ head
▼ + stars: | 2023-02-08 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

"I'd like to select (the next BOJ governor) taking these factors into account," Kishida said, when asked by an opposition lawmaker what the qualifications Kuroda's successor must have. Markets are closely watching the appointment of the new BOJ governor for clues on how quickly the central bank could phase out its massive stimulus programme. The government is considering presenting to parliament its nominees for next BOJ governor and two deputy governors next week, sources told Reuters. Kishida had earlier said no decision had been made, after the Nikkei newspaper reported on Monday the government has sounded out BOJ Deputy Governor Masayoshi Amamiya to succeed Kuroda. Among other key contenders, former BOJ Deputy Governor Hiroshi Nakaso has long experience overseeing the BOJ's market operations and international affairs.

☆ Harvey Schwartz has his work cut out for him at Carlyle. Here's why.
▼ + stars: | 2023-02-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

But first, a Wall Street firm finally finds its CEO. Harvey Schwartz Goldman Sachs1. In many ways, Carlyle and Harvey Schwartz are perfectly imperfect for each other. Might as well call it "Carefree Carlyle," because that's the vibes I'm getting under the soon-to-be Schwartz era. Click here to read more about what'll be expected of Harvey Schwartz as CEO of Carlyle.

☆ Demetrius Haley didn't tell Tyre Nichols why he'd been pulled over. The Memphis cop was talking on the phone during the stop, documents show.
▼ + stars: | 2023-02-08 | by ( Haven Orecchio-Egresitz | ) www.businessinsider.com time to read: +4 min

Former Memphis officer Demetrius Haley never told Tyre Nichols why he was pulled over. Department records say Haley approached Nichols while talking on the phone in a black hoodie. He yelled profanities, despite no evidence that Nichols ever swore at or threatened officers. "You never told the driver the purpose of the vehicle stop or that he was under arrest." A day after Nichols' beating, the department released a statement describing a "confrontation" with an alleged reckless driver, later identified as Tyre Nichols.

☆ U.S. military members suing 3M seek dismissal of subsidiary's bankruptcy
▼ + stars: | 2023-02-03 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Feb 3 (Reuters) - Current and former U.S. military members suing 3M over allegedly defective military earplugs have asked a U.S. judge to dismiss 3M subsidiary Aearo Technologies' bankruptcy, accusing the company of using bankruptcy to shield itself from litigation, which has grown into the largest mass tort in U.S. history. 3M Co (MMM.N) faces more than 230,000 lawsuits accusing it of selling defective earplugs that caused hearing loss for U.S. military members. The company has sought to settle those lawsuits through Aearo's bankruptcy. Now the servicemembers suing want Graham to go a step further and end Aearo's bankruptcy entirely. The committee representing the servicemembers in bankruptcy court said in Thursday's filing that the LTL decision "knocks the props out from under these cases and requires their dismissal."

[1/2] The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. REUTERS/Amit DaveMUMBAI, Jan 31 (Reuters) - Indian conglomerate Adani Group's locally listed bonds have resisted the panic selling in the groups' dollar-denominated debt and domestically listed stocks since last Wednesday following short-seller Hindenburg Research's scathing report on the group. The top five Adani Group companies – Adani Power (ADAN.NS), Adani Green Energy (ADNA.NS), Adani Ports and Special Economic Zone (APSE.NS), Adani Enterprises (ADEL.NS) and Adani Transmission (ADAI.NS) – have outstanding rupee bonds worth around 170 billion rupees, according to brokerage CLSA. However, Srinivasan said the Adani Group firms could find it difficult to raise fresh funds from the local bond markets until the concerns raised by Hindenburg were addressed. Moreover, Adani Group companies have not been rolling over many of their short-term commercial papers and instead allowed them to mature.

☆ Instant view: India's Adani slammed by $48 bln stock rout, clouding record share sale
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

COMMENTARYJ.P.MORGAN"While the Hindenburg report focused mainly on equity valuations within the group, we are primarily concerned about the underlying credit profiles of group companies given underlying bank exposures. Clearly given the size of the group and outstanding debt, this has also impacted the banks." So if a report comes and stocks see a sharp fall, lot of margin calls also get triggered. At least 40% of the group's debt is exposed to Indian banks, so that exposure is what people are worried about in banks. Reporting by Rama Venkat and Bharath Rajeswaran in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ NYSE trading glitch, tons of earnings, a Dow comeback — listen to 'The Homestretch'
▼ + stars: | 2023-01-24 | by ( ) www.cnbc.com time to read: +11 min

WHAT'S NEW, WHAT'S HAPPENEDSINCE THE MORNING MEETING. THERE WAS SOMETHING SO CRAZY,WE'VE BEEN TRYING TO GET TO THEBOTTOM OF IT, WHICH JEFF WASJUST IN COMPUTER FAILURE. DON'T KNOW EXACTLY WHO DID IT,BUT WE'VE GOT A LOT OF STOCKSTHAT WERE UP 10, DOWN 20. AND I THINK WHAT'S MOSTSIGNIFICANT RIGHT NOW IS THATTHE MIGHTY DOW HAS MADE ACOMEBACK FROM AN UGLY OPEN. I DO FEEL, HOWEVER, THAT THESTOCK IS NOT TO BE BOUGHT AHEADOF THE QUARTER, BECAUSE NOW ITSELLS AT 22 TIMES EARNINGS.

☆ Analysis: This guy made $150,000 a day, because Corporate America is out of control
▼ + stars: | 2023-01-23 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

I’m seeing the words “recession,” “crypto,” “debt ceiling,” the “M&M’s spokescandy scandals…”And yet, I am bound my duty as a journalist not to shy away from the hard candy shell news. I know, I know, you’re all tired of the media’s relentless coverage of the M&M Spokescandy Saga, aka the Culture War Battle that is shaping social discourse in the Year of Our Lord 2023. The company claims it didn’t think anyone would notice when it released the changes to the characters’ appearance. “We definitely didn’t think it would break the internet,” it said in a press release that frankly reeked of champagne and high fives. Oh you didn’t think anyone would notice, M&M marketing wizards?

☆ India New Issue HDFC to issue 10-year bonds - traders
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

The housing finance company has invited coupon and commitment bids from bankers and investors on Tuesday, they added. The issue will also have a greenshoe option to retain an additional 20 billion rupees and will close for subscription later this week. The bonds are rated AAA by CRISIL and will have a put option at the end of the third year. Last week, Reuters had reported that the housing financier plans to tap the bond market after a gap of two months. In November, HDFC raised 19 billion rupees through bonds maturing in 10 years at an annual coupon of 7.79%.

"This step will allow us to push down longer-term interest rates, without directly affecting supply and demand of the cash Japanese government bond (JGB) market," Kuroda told a news conference. Following its two-day policy meeting, the BOJ kept intact its yield curve control (YCC) targets, set at -0.1% for short-term interest rates and around 0% for the 10-year yield, by a unanimous vote. Reuters Graphics Reuters GraphicsThe central bank also made no change to its guidance that allows the 10-year bond yield to move 50 basis points either side of its 0% target. "By showing its resolve to use market tools more flexibly, the BOJ wanted to signal to markets it won't make big monetary policy changes under Kuroda." Market attention is already shifting toward monetary policy under Kuroda's successor, who will need to steer an orderly exit from decades of ultra-low rates.

☆ Draymond Green Sets Us Straight on the Real N.B.A.
▼ + stars: | 2023-01-09 | by ( David Marchese | ) www.nytimes.com time to read: +20 min

Mamadi Doumbouya for The New York Times Talk Draymond Green Sets Us Straight on the Real N.B.A. Celtics have a die-hard fan base that’s going to root hard for the Celtics. But when I’ve listened to it, it’s not as if you’re saying things that are all that far away from what pundits or analysts are saying. I don’t think it affected who I was, who I am, because my mom never allowed it to. So when I say what he said is irrelevant, I’m saying that from the standpoint of, Let me not deflect.

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