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3M, the chemical and manufacturing giant, said on Tuesday that it reached a $6 billion settlement over claims that it had sold defective combat earplugs to the U.S. military. The lawsuits were brought by military service members and veterans who claimed that the earplugs sold by 3M had led to hearing damage and tinnitus, a ringing sensation in the ears. 3M said that it would pay $5 billion in cash and $1 billion in stock as part of the settlement. The earplugs, designed to protect service members from combat noise, were used by the military from 2003 to 2015. Tinnitus rates increased significantly among active duty service members from 2001 to 2015, according to a 2019 study.
Organizations: ., 3M
Tremors in China’s real estate market are shaking the country’s economy, as well as the world, which has come to rely on China as a reliable engine of growth. A long-running building boom that propelled China’s growth has come to a halt, threatening the jobs and savings of millions of households. Here’s what you need to know:What’s going on with real estate and China’s economy? For decades, China’s economy was dependent on a booming real estate sector fueled by population growth. The housing market created jobs and served as a place to store wealth for China’s growing middle class.
Locations: China
It could take months for officials to identify what caused the fire in Maui last week. But some plaintiffs’ lawyers and investors have already begun to blame Hawaiian Electric, the state’s largest utility. Lawyers have filed at least four lawsuits against the company. The suits contend that the company was negligent in the operation and maintenance of its equipment. Hawaiian Electric’s stock price has fallen around 68 percent since Aug. 7, the day before the wildfire started, to about $12 on Thursday.
Organizations: Lawyers Locations: Maui, California
Food prices have gone up at a faster rate than other consumer goods over the past year, and it’s unclear when prices will stop rising. Food can vary widely in price as companies shoulder costs like ingredients and labor, which can be volatile. Companies say consumers have stayed loyal despite the price increases but are starting to pull back. Many consumer goods companies have raised prices by double-digit percentages in the past year, a move they often attribute to rising commodity prices. Hershey’s, for example, has said rising costs for sugar and cocoa — a result of weather conditions where those staples are grown — are to blame for its price increases.
Organizations: Companies
In the first seven months of the year, exports to the United States declined 18.6 percent compared with the same period last year, while shipments to the European Union fell 5 percent. Exports to Russia, which has been hit with Western sanctions over its invasion of Ukraine, increased more than 70 percent. “There has been general weakness in demand for China’s exports,” he said. A real estate crisis and weak spending by consumers have put pressure on Beijing to increase exports to help stabilize the economy. But the trade numbers released on Tuesday suggest weak demand may exacerbate a global slowdown.
Persons: Paul Donovan, Organizations: European Union, UBS, Officials, China Locations: United States, Russia, Ukraine, Mexico, Canada, China, Beijing
As companies reported their latest quarterly earnings in recent weeks, hiring, wages and head counts were popular topics as analysts quizzed executives about their plans. Others said that rising wages remained a worry for their bottom lines. And many still looking to hire said that attracting and retaining workers was difficult as the labor market remained robust. “You have to work extra to hire people and to keep people,” Andrew Watterson, the chief operating officer of Southwest Airlines, said on a call with analysts. Even so, the rate of workers quitting their jobs, a measure of workers’ confidence in their prospects and bargaining power, continued to fall in June, according to data released Tuesday.
Persons: ” Andrew Watterson, , Martine Ferland, Mercer, Rick Cardenas Organizations: Southwest Airlines, Darden Restaurants Locations: Olive
Anheuser-Busch InBev, the global beer-making giant, on Thursday reported a sharp drop in sales and profit in the United States, as it counted the cost of a conservative-led boycott of Bud Light after the company’s collaboration with a transgender influencer. Bud Light has faced a backlash from conservative commentators and celebrities after Dylan Mulvaney, a transgender influencer, posted a promotion for the beer on social media in April. Bud Light was dethroned by Modelo Especial as the nation’s top-selling beer in retail sales in June. Constellation Brands, which sells Modelo in the United States, reported 7.5 percent growth in beer volumes in its most recent quarter, which ended on May 31, compared with the same period last year. Overall volume at Anheuser-Busch, which also sells Beck’s, Michelob, Stella Artois and many other brands, fell by more than 1 percent in the three months through June.
Persons: Bud Light, Busch, , Dylan Mulvaney, Anheuser Busch, Stella Artois Organizations: Anheuser, Busch InBev, U.S, Modelo Especial, Constellation Brands, Modelo, Busch Locations: United States
Mr. Solis, who earns about $3,500 a month delivering for apps like DoorDash, used to send about $1,500 monthly. Since the spring, he has had to send more than $2,000 to cover the same expenses, something he does by working longer days. That means each dollar Mr. Solis sends covers less of the budget back home. In 2022, those working abroad, primarily in the United States, sent more than $61 billion to Mexico. The largest portion of that money goes to food and clothes, followed by health care, according to the Wilson Center, a Washington research organization.
Persons: Antonio Solis, Solis Organizations: Wilson Locations: New York City, Monterrey, Mexico, India, United States, Washington
Coca-Cola, PepsiCo and Unilever have each reported raising prices significantly in the second quarter, from about 8 percent at Unilever to 15 percent at Pepsi. The companies raised their full-year forecasts for various measures, pushing up their share prices. The Fed’s main tool to tackle inflation is raising interest rates, which reduces demand for goods and services. But food prices can be particularly sticky: Unlike other goods, consumers cannot stop buying food, and food prices are particularly sensitive to external factors like supply shocks, ingredient prices and geopolitics. “The Fed really has no ability to resolve those issues,” said David Ortega, a food economist at Michigan State University.
Persons: , David Ortega Organizations: Federal Reserve, Cola, PepsiCo, Unilever, Pepsi, Michigan State University Locations: Ukraine
More beers in America are being paired with lime than ever before. The story of how Modelo Especial, a Mexican lager, surpassed Bud Light as the top-selling beer in America predates the conservative backlash that Bud Light faced in April over a collaboration with a transgender influencer. Rather, the factors that, for the better part of a decade, put Modelo on its triumphant track include an increasing preference among American consumers for imported, more expensive beer; a decade-old antitrust deal; and effective marketing campaigns aimed at attracting young, non-Hispanic consumers to the Mexican beer. “Most people in the beer industry have assumed Modelo was going to overtake Bud Light at some point,” said Bart Watson, chief economist for the Brewers Association, a trade group representing over 6,000 American breweries. “It was a question of when, not if.”The switch occurred at the start of June, after Bud Light had held the No.
Persons: Bud Light, , Bart Watson, Modelo, Bud Light’s, Bump Williams Organizations: Modelo Especial, Modelo, Brewers Association, Nielsen Locations: America, Mexican, United States
As companies prepare to open their books to investors over the coming weeks, in the quarterly ritual known as earnings season, market watchers are balancing relatively weak estimates for past profits with brighter forecasts for future performance. Stock prices tend to follow expectations of earnings to come rather than react to details about the past, and markets have risen in step with investors’ improved outlook for the economy. The S&P 500 index has gained more than 20 percent since October. But much of that decline is concentrated in a few sectors, like energy, that recorded outsize profits last year, making for difficult comparisons to this year. And corporate executives also have a habit of lowering investors’ expectations ahead of earnings announcements, so that they can beat projections.
Persons: , Binky Chadha Organizations: Companies, Deutsche Bank
PepsiCo, the drink and snack maker, reported a big jump in quarterly profit on Thursday, despite signs that customers are buying fewer cans of soda and bags of chips as the company continues to raise prices aggressively. The maker of Gatorade, Lay’s and Quaker Oats also raised its forecast for earnings in the rest of the year, pushing its stock higher. The company reported 10 percent growth in revenue, to $22.3 billion, and nearly doubled its profit since the same time last year, to $2.7 billion, in its second quarter, which ended June 17. PepsiCo said it expected revenue to grow 10 percent for the full year, up from its previous forecast of 8 percent. The quarterly results exceeded analysts’ already optimistic expectations, and the gains come as consumers wrestle with higher prices while policymakers weigh their next move in their efforts to tame inflation.
Persons: Quaker Oats, Organizations: PepsiCo, Gatorade, Lay’s, Quaker
Kathryn Keeler and her husband, Stuart de Haaff, own an olive oil company in the hills of central California. The couple spend their days harvesting olives, bottling the oil, labeling the glass bottles and shipping them out, relying primarily on UPS to get their product to kitchens throughout the United States. UPS handles about a fourth of packages shipped each day in the United States, according to the Pitney Bowes Parcel Shipping Index, many of them for small businesses like Ms. Keeler’s company. Some are preemptively turning to FedEx, the next largest private carrier in the United States, or the U.S. Postal Service, which generally handles lighter packages.
Persons: Kathryn Keeler, Stuart de Haaff Organizations: UPS, Pitney Bowes Parcel Shipping Index, FedEx, U.S . Postal Service, DHL Locations: California, United States, y Oro
The NewsJob openings fell in May while the number of workers quitting their jobs increased, the Labor Department reported Thursday. There were 9.8 million job openings in May, down from 10.3 million in April, according to the Job Openings and Labor Turnover Survey, known as JOLTS. The report shows that the labor market is maintaining ample opportunities for workers, but it is losing momentum. The quits rate, which is often used to gauge a worker’s confidence in the job market, increased in May, particularly in the health care, social assistance and construction industries. A rise in quitting often signals workers’ confidence that they will be able to find other work, often better paying.
Persons: , Nick Bunker Organizations: Labor Department, Labor, Survey
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