By Jonathan Stempel NEW YORK (Reuters) -A New York City woman sued Abbott Laboratories on Monday, accusing the healthcare company of misleading consumers into believing its PediaSure nutrition drinks were “clinically proven” to increase children’s height. In a proposed class action filed in Manhattan federal court, Joanne Noriega said she bought PediaSure Grow & Gain…
By Pete Schroeder WASHINGTON (Reuters) -Top U.S. banking regulators plan to tell lawmakers the government will be open to future bank mergers, but are committed to establishing tougher rules after recent turmoil. In prepared testimony published by the House Financial Services Committee Monday, officials were resolute on the need for stricter bank rules and supervision…
By David Randall NEW YORK (Reuters) – Prominent hedge funds including Arrowstreet Capital LLC, D1 Capital Partners and Coatue Management LLC were among the investors that bought shares of Meta Platforms Inc in the first quarter of the year, amid an eye-popping rebound in the Facebook-parent’s stock. Meta Platforms, which suffered the worst decline among…
By Howard Schneider AMELIA ISLAND, Florida (Reuters) -Richmond Federal Reserve President Thomas Barkin on Monday said he is not convinced inflation is on a steady decline back to the U.S. central bank’s 2% target or that overall demand in the economy has been curbed enough to ensure it gets there. Barkin said he remained open-minded…
By Dietrich Knauth (Reuters) – Kidde-Fenwal Inc, a subsidiary of Carrier Global Corp that specializes in fire control systems, filed for bankruptcy on Sunday, as it buckles under the weight of lawsuits alleging that “forever chemicals” in its firefighting foam products have contaminated water sources around U.S. airports and military bases. Kidde-Fenwal filed for Chapter…
By Steve Holland and David Brunnstrom WASHINGTON (Reuters) – The G7 summit U.S. President Joe Biden attends in Japan this week will show leaders unified behind a common approach to dealing with China based on shared values, even while recognizing each country will manage its own relationship with Beijing, a senior U.S. administration official said…
By Ann Saphir and Howard Schneider -U.S. central bankers on Monday signaled they see interest rates staying high and, if anything, going higher, given inflation that may be slow to improve and an economy showing only tentative signs of weakness. In interviews and media appearances, four regional U.S. central bank presidents began disentangling the data…
(Reuters) – British electric vehicle start-up Arrival SA said on Monday it had $130 million in cash and cash equivalents at the end of March, down nearly 37% from the end of December. The company, which did not provide any details on first-quarter results in its earnings release, said it has built three vans at…
NEW YORK (Reuters) – Central bank efforts to tame inflation could spark a recession and market selloff that later this year or in 2024 leads to investment opportunities, the BlackRock Investment Institute (BII) said on Monday. Increased market volatility is likely ahead over talks in Washington to raise the U.S. government’s $31.4 trillion borrowing cap….
By Jonathan Stempel NEW YORK (Reuters) -A federal appeals court on Monday rejected Elon Musk’s bid to modify or end his 2018 securities fraud settlement with the U.S. Securities and Exchange Commission that required a Tesla Inc lawyer to approve some of his tweets in advance. The 2nd U.S. Circuit Court of Appeals in Manhattan…
