AP Business SummaryBrief at 10:50 p.m. EDT

Juul to pay nearly $440M to settle states’ teen vaping probe

HARTFORD, Conn. (AP) — Electronic cigarette maker Juul Labs has agreed to pay nearly $440 million to settle a multi-state investigation into its vaping products, which have long been blamed for sparking a national surge in teen vaping. Connecticut announced the deal Tuesday on behalf of the 33 states plus Puerto Rico. Attorneys general joined together in 2020 to probe Juul’s early promotions, including...

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Juul to pay nearly $440M to settle states’ teen vaping probe

HARTFORD, Conn. (AP) — Electronic cigarette maker Juul Labs has agreed to pay nearly $440 million to settle a multi-state investigation into its vaping products, which have long been blamed for sparking a national surge in teen vaping. Connecticut announced the deal Tuesday on behalf of the 33 states plus Puerto Rico. Attorneys general joined together in 2020 to probe Juul’s early promotions, including product parties, viral marketing and social media influencers. The settlement resolves one of the biggest legal threats facing the company, which still faces separate lawsuits from other states and individuals. Additionally, federal health regulators are trying to ban the company’s products.

Bed Bath & Beyond names interim CFO, but struggles remain

Bed Bath & Beyond has named Chief Accounting Officer Laura Crossen as interim chief financial officer to replace Gustavo Arnal, whose death late last week adds to a cloud of financial uncertainty for the company and further complicates its plans for a turnaround. According to the New York City Police Department, police found the 52-year-old Arnal unconscious with injuries showing he fell from the 57-story Jenga residential tower in Manhattan. The medical examiner’s office ruled Arnal’s death a suicide, and police said an investigation was underway. The news of Arnal landed just days after Bed Bath & Beyond said that it would close about 150 of its namesake stores and slash its workforce by 20% as it tries to fix its beleaguered business.

Stocks drift lower, extending losses into 4th straight week

Stocks drifted lower on Wall Street, extending the market’s losses into a 4th straight week. The S&P 500 fell 0.4% Tuesday. Technology companies posted some of the biggest losses, pulling the Nasdaq composite down even more. The Dow Jones Industrial Average also fell. Markets are coming off of a three-week losing streak as investors worry about inflation and the Federal Reserve’s determination to fight it with high interest rates. Bed Bath & Beyond fell following the death of its chief financial officer. ADT rose sharply after State Farm said it was taking a stake in the home security company.

Gulf Arab nations ask Netflix to remove ‘offensive’ videos

DUBAI, United Arab Emirates (AP) — Gulf Arab countries have asked Netflix to remove “offensive content” on the streaming service, apparently targeting programs that show people who are gay and lesbian. A statement issued on behalf of the Gulf Cooperation Council made the request, saying the unspecified programs “contradict Islamic and societal values ​​and principles.” The council members are Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Oman and Qatar. Netflix hasn’t responded. Many Muslims consider gays and lesbians to be sinful. In some parts of the Arab world, members of the LGBTQ community have been jailed. The move also comes as regional streaming services try to eat into Netflix’s revenue, including the Shahid service operated by the Saudi-owned MBC Group.

EPA denies Cheniere Energy request for LNG pollution waiver

WASHINGTON (AP) — The Environmental Protection Agency has denied a request by Cheniere Energy, a leading U.S. producer of liquefied natural gas, to exempt two Gulf Coast plants from a federal air pollution rule. An EPA spokesman says the agency on Tuesday denied Cheniere’s request to waive a rule that limits emissions of cancer-causing formaldehyde released by gas-fired turbines. Dozens of turbine operators faced a Monday deadline to comply with the formaldehyde rule, which is being reinstated after an 18-year stay. Cheniere had warned that new requirements on LNG plants in Texas and Louisiana could disrupt gas supplies to Europe, which has struggled with surging energy prices following Russia’s invasion of Ukraine.

EXPLAINER: Europe struggles with crisis as Russia cuts gas

FRANKFURT, Germany (AP) — Europe is struggling to contain an energy crisis as Russia throttles back supplies of natural gas. European officials say it’s a pressure game over their support for Ukraine after Russia’s invasion. The job now is to conserve energy, line up new supplies, and cushion the impact on the poor who can’t afford to pay increasingly higher utility bills. Europe has made some progress in finding new gas supplies by ship and in filling underground gas storage to get through the winter heating season. The goal is to avoid rolling blackouts or widespread shutdowns of energy-intensive industries as the weather gets colder.

Airlines count on business travelers to keep recovery going

DALLAS (AP) — The summer vacation season is winding down, and for airlines that means the return of business travelers is very important. Leisure travel in the United States is roughly back to pre-pandemic levels, but airlines say business is still about 25% below 2019 levels. Business travelers generally pay higher fares, so the absence of so many of them has an outsized impact on airline revenue and profit. The Global Business Travel Association predicts that corporate travel won’t fully return until mid-2026. Experts say business travel is lagging behind because many white-collar workers still have not returned to their offices, and some trips are being replaced by video meetings.

EU blocks merger of US firms in cancer screening sector

BRUSSELS (AP) — The European Commission is is blocking the buyout of cancer-screening company GRAIL by biotech giant Illumina. It’s a rare move by European antitrust regulators against two U.S. companies. Illumina is a major supplier of next-generation sequencing systems for genetic and genomic analysis. GRAIL is a health company developing blood tests to try to catch cancer early. Illumina announced an $8 billion buyout of GRAIL in 2020. But the commission says the buyout would have allowed “Illumina to foreclose GRAIL’s rivals, who are dependent on Illumina’s technology, from access to an essential input they need to develop and market their own tests.” Illumina says it will appeal Tuesday’s decision. The merger was approved in the U.S. last week.

CVS Health moves closer to home care with $8B Signify deal

CVS Health will pay about $8 billion to expand into home care, a practice that could cut costs and keep patients happy, provided they get the help they need. The health care giant is buying Signify Health, a technology company that sends doctors or other care providers to patient homes to assess how they are doing and what help they might need. CVS Health CEO Karen Lynch told analysts Tuesday that the deal _ announced late Monday _ is a way for her company to provide more help to patients where and when they want it.

Biden touts legislative record as midterms approach

WASHINGTON (AP) — The news is filled with stories about investigations into former President Donald Trump and the fallout over the Supreme Court’s ruling on abortion. But President Joe Biden wants to make sure voters in November don’t forget about his legislative accomplishments. His administration has been rolling out plans for spending hundreds of billions of dollars for computer chip manufacturing and clean energy initiatives. And his “Inflation Reduction Act” should restrain prescription drug prices. Biden plans trips to Ohio and Michigan in the next week to talk about his policies. He said Tuesday in a meeting with his Cabinet that his administration is providing “proof that democracy can deliver for the people.”

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