Business

Allianz to pay $6 bln in U.S. fraud case, fund managers charged

Allianz to pay $6 bln in U.S. fraud case, fund managers charged

NEW YORK/MUNICH, May 17 (Reuters) – Germany’s Allianz SE (ALVG.DE) agreed to pay more than $6 billion and its U.S. asset management unit will plead guilty to criminal securities fraud over the collapse of its Structured Alpha funds early in the COVID-19 pandemic. Allianz’s settlements with the U.S. Department of Justice and U.S. Securities and …

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Shanghai declares zero-Covid milestone but residents cast doubt on reopening

Shanghai declares zero-Covid milestone but residents cast doubt on reopening

“Zero-Covid at the community level” means infections are no longer found outside centralized quarantine facilities or neighborhoods under the strictest lockdowns — and is a prerequisite for those measures to be lifted. Zhao Dandan, deputy head of the Shanghai Municipal Health Commission, said at a news conference Tuesday that all 16 districts of the Chinese …

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Stock market news live updates: Stock futures point to higher open as investors weigh retail earnings

Stock market news live updates: Stock futures point to higher open as investors weigh retail earnings

U.S. stock futures surged in pre-market trading Tuesday, extending a streak of gyrations in equity markets as the indexes attempt a comeback from intense selling last week amid worries around persistent levels of inflation and the prospect of an economic slowdown. Futures tied to the S&P 500 jumped 1.6%, and Dow futures climbed 400 points. …

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US allows more baby formula imports to fight shortage

US allows more baby formula imports to fight shortage

WASHINGTON (AP) — Under fire from parents and politicians, President Joe Biden’s administration announced steps Monday to ease a nationwide shortage of baby formula, including reopening the largest domestic manufacturing plant and increasing imports from overseas. The Food and Drug Administration said it was streamlining its review process to make it easier for foreign manufacturers …

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Shares recover even as inflation fears linger

Shares recover even as inflation fears linger

Blank prices are displayed in the stock quotation boards at the Tokyo Stock Exchange (TSE) after the TSE temporarily suspended all trading due to system problems in Tokyo, Japan October 1, 2020. REUTERS/Issei Kato/Files Register now for FREE unlimited access to Reuters.com Register LONDON/HONG KONG, May 17 (Reuters) – Asian shares led a global rally …

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Futures: Rally Attempt Continues; Twitter Deal Still Happening?

Futures: Rally Attempt Continues; Twitter Deal Still Happening?

Dow Jones futures were higher late Monday, as the stock market rally attempt continues. Elon Musk and Twitter continue to engage in debate over the number of fake accounts on the social media site. Looking ahead, Home Depot and Walmart earnings are due out ahead of Tuesday’s market open. And Fed Chair Jerome Powell will …

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This Illinois company was just sold for $3 billion, but hundreds of employees are getting a cut. Some will get $800,000.

This Illinois company was just sold for $3 billion, but hundreds of employees are getting a cut. Some will get $800,000.

When private equity firm KKR announced the $3 billion sale Monday of C.H.I. Overhead Doors to steel company Nucor, it created a windfall for hundreds of hourly workers at the plant in tiny Arthur, Illinois, who will receive between $20,000 and $800,000 each when the transaction closes. The deal represents a huge return on investment …

This Illinois company was just sold for $3 billion, but hundreds of employees are getting a cut. Some will get $800,000. Read More »

What you can and can't do to get through the infant formula shortage, according to experts

FDA announces it will make it easier to import some baby formulas to ease shortage

The US ordinarily produces 98% of the infant formula it uses, with imported formula primarily coming from Mexico, Ireland and the Netherlands, the agency said in a statement. But because of the shortage, the FDA is outlining a process by which it “would not object to the importation of certain infant formula products intended for …

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Median CEO Pay Package Rose to $14.7 Million in 2021, a New High

Median CEO Pay Package Rose to $14.7 Million in 2021, a New High

The median pay package for chief executives of the biggest U.S. companies reached $14.7 million in 2021, setting a sixth-straight annual record as strong profits and robust markets boosted performance measures. Total compensation rose by at least 12% for most of the executives, and most companies recorded annual shareholder returns of nearly 30%, according to …

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