Lawyers for cancer victims accused Johnson & Johnson of pushing roughly 38,000 talc lawsuits into chapter 11 to stem damage to its corporate brand and gain unfair leverage, as a trial concludes on a bankruptcy strategy the company has defended as fair and reasonable.
"Bankruptcy is not an image improvement service," said David Molton, a lawyer representing injury claimants, during closing arguments Thursday on J&J's decision to put the company's talc-related liabilities in a new subsidiary that swiftly filed chapter 11.
Brazil's JBS Drops Deal to Buy Rest of Chicken Giant Pilgrim's Pride
Brazilian meatpacking giant JBS SA said it scrapped plans to buy the rest of Pilgrim's Pride Corp. in a deal that had valued the U.S. chicken processor at about $7 billion.
JBS, which already owns about 80% of Pilgrim's, said in a securities filing on Thursday that it was unable to reach an agreement with the Colorado-based company over the terms of the deal.
Regulators Widen Activision Blizzard Probes Over Workplace Issues
Federal and state regulators have widened their investigations into how Activision Blizzard Inc.'s leadership handled workplace misconduct claims, according to documents and people familiar with the probes, as the videogame giant works to complete a planned $75 billion sale to Microsoft Corp.
The California Department of Fair Employment and Housing, a state watchdog agency, has subpoenaed Activision's directors related to the company's handling of the workplace issues, according to people familiar with the matter. It also has subpoenaed police departments in the Los Angeles-area for any records they have related to longtime Chief Executive Bobby Kotick and 18 other current and former Activision employees, according to the people and to documents viewed by The Wall Street Journal.
Blinken Sees Moment of Peril in Ukraine, Challenges Russia to Commit That It Won't Invade
WASHINGTON-Secretary of State Antony Blinken warned of a looming Russian offensive against Ukraine and proposed a last-ditch diplomatic meeting with his Russian counterpart next week that he said could lead to a summit of key leaders.
Mr. Blinken spoke at a United Nations Security Council meeting Thursday just hours after Russia told the U.S. in a formal document that it might resort to "military-technical measures" if it didn't receive legally binding security assurances.
Shelling Escalates Along Front Line Separating Ukraine and Pro-Russia Separatists
Violence escalated in eastern Ukraine on Thursday, with Russian-backed separatists and authorities in Kyiv trading accusations over cease-fire violations along the front line, as President Biden said Moscow was fabricating a pretext to invade its neighbor and warned the threat of a Russian incursion remained "very high."
Adding to the tension, the Kremlin threatened in a letter to the U.S. to resort to unspecified "military-technical measures" if it didn't receive from the U.S. and its allies legally binding guarantees of its security, which include a pledge from the North Atlantic Treaty Organization that it would never allow Ukraine to join, as well as curbs on troop deployments in Eastern Europe.
Canada's Banks Pressed Into Effort to Quell Protests
Canadian banks have begun cutting off financial services to people linked with ongoing anti-vaccine-mandate demonstrations in Canada, an unprecedented use of financial power following an emergency order from the government.
With protesters occupying the streets of Canada's capital, Ottawa, and several border crossings blockaded until recently, the government has used emergency powers to put the nation's financial institutions in the unusual position of using their anti-money-laundering and sanctions expertise to crack down on banking customers.
RBA's Harper Backs Review; Australian Central Bank Won't Follow Fed on Rate Increases
SYDNEY-A detailed review of the Reserve Bank of Australia's operation of monetary policy would be welcome, allowing the central bank to freely answer critics about its failure in recent years to achieve its inflation target, said Ian Harper, dean of Melbourne Business School.
Mr. Harper, who doesn't speak on behalf of the RBA but is a member of its policy-making board, said separately that financial markets are misguided in thinking Australia's central bank will follow the U.S. Federal Reserve when raising interest rates, adding that the RBA has good reasons to wait.
China Introduces Support Measures for Struggling Service Sector
Chinese regulators on Friday introduced measures to support the nation's service sector, a persistent laggard in its pandemic recovery, as the economy faces renewed downward pressure.
Led by the country's state planner, authorities rolled out a slew of measures including tax breaks and additional financial support for struggling businesses in the service sector.
China's January Auto Sales Rise, Supported by Passenger Cars
China's auto sales in January grew 0.9% from a year earlier, supported by the passenger-car segment which grew 6.7%, the government-backed China Association of Automobile Manufacturers said on Friday.
That compared with the 4.4% decline in passenger car sales reported earlier this week by the China Passenger Car Association, due to differences in statistical standards.
Crypto Investors Are Wealthier. No One Knows How Much They're Spending.
Cryptocurrency companies just spent millions of dollars on Super Bowl ads. What's harder to say is how much crypto investors spent on game day.
Vast wealth has been created in cryptocurrencies, which globally now have a value of nearly $2 trillion, according to CoinMarketCap. While that pales in comparison to many other asset classes, it has risen quickly. The global value of crypto grew by nearly $1.5 trillion last year, compared with the S&P 500's rise of nearly $9 trillion in market value, according to FactSet.
Canadian Police Begin Freedom Convoy Arrests
OTTAWA-Police began arrests of people protesting against Covid-19 mandates on Thursday evening, including two organizers, after promising imminent action to remove a weekslong encampment from the streets of Canada's capital city.
The arrests came after multiple warnings from police to those involved in the blockade-known as the Freedom Convoy and now in its third week-that they would face severe penalties if they didn't leave the area voluntarily. Two of the protest group's organizers, Chris Barber and Tamara Lich, were among those arrested on Thursday evening.
House GOP Leader Endorses Liz Cheney's Opponent
House Minority Leader Kevin McCarthy endorsed a Republican challenger to incumbent Rep. Liz Cheney of Wyoming, a former member of his leadership team, after breaking with her over her criticism of former President Donald Trump.
In a statement, Mr. McCarthy (R., Calif.) said he was proud to endorse Ms. Cheney's opponent Harriet Hageman.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
Air Canada 4Q
Uni-Select 4Q
Economic Indicators:
0830 Jan New Housing Price Index
0830 Dec Retail Sales
Stocks to Watch:
Dundee Precious Metals 4Q Rev $166.4M; Raises Dividend to 4c Vs. 3.7c
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Pulse Seismic 2021 Rev C$49.2M Vs. C$11.3M; EPS C$0.40 Vs. EPS C$0.13; 4Q Rev C$16.3M Vs. C$5.2M; 4Q EPS C$0.15 Vs. EPS C$0.01; Declares Quarterly Dividend of C$0.0125
Pulse Seismic Expects Continued Recovery in Western Canada's Energy Industry in 2022; Well-Positioned to Benefit From Growing Strength in Industry Conditions; 2022 Forecasts for Oil & Natural Gas Prices Remain Buoyant; Anticipates Continued M&A Deal Flow This Yr; Provides Acquisition, Marketing, Licensing of 2D and 3D Seismic Data to Energy Sector
Expected Major Events for Friday
06:30/FRA: 4Q ILO Unemployment and Labour Market-related indicators
07:00/UK: Jan UK monthly retail sales figures
07:45/FRA: Jan CPI
10:00/ITA: Dec Balance of Payments
13:30/CAN: Jan New Housing Price Index
13:30/CAN: Dec Retail trade
15:00/US: 4Q Advance Quarterly Services
15:00/US: 4Q Quarterly Retail E-Commerce Sales
15:00/US: Jan Existing Home Sales
15:00/US: Jan Leading Indicators
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Friday
Absci Corp (ABSI) is expected to report for 4Q.
AdvanSix (ASIX) is expected to report $0.88 for 4Q.
Air Canada is expected to report $-1.40 for 4Q.
Arbor Realty Trust (ABR) is expected to report $0.47 for 4Q.
Arconic Corp (ARNC) is expected to report for 4Q.
Balchem Corp (BCPC) is expected to report $0.72 for 4Q.
Barnes Group (B) is expected to report $0.46 for 4Q.
Bengal Energy is expected to report for 3Q.
Bloomin' Brands (BLMN) is expected to report $0.51 for 4Q.
Buhler Industries (BIIAF,BUI.T) is expected to report for 1Q.
Century Therapeutics Inc (IPSC) is expected to report for 4Q.
Clear Secure Inc (YOU) is expected to report for 4Q.
Deere & Co (DE) is expected to report $2.30 for 1Q.
Design Therapeutics Inc (DSGN) is expected to report for 4Q.
DraftKings Inc (DKNG) is expected to report for 4Q.
Edgewise Therapeutics Inc (EWTX) is expected to report for 4Q.
Finch Therapeutics Group Inc (FNCH) is expected to report for 4Q.
Goodfellow is expected to report for 4Q.
Hut 8 Mining Corp (HUT.T) is expected to report $0.14 for 4Q.
Inhibrx Inc (INBX) is expected to report for 4Q.
Instil Bio Inc (TIL) is expected to report for 4Q.
Longboard Pharmaceuticals Inc (LBPH) is expected to report for 4Q.
Lyell Immunopharma Inc (LYEL) is expected to report for 4Q.
Marcus & Millichap Inc (MMI) is expected to report $0.96 for 4Q.
Mind Medicine (MindMed) Inc (MMED.GR) is expected to report for 4Q.
Mister Car Wash Inc (MCW) is expected to report for 4Q.
National Healthcare Corp (NHC) is expected to report for 4Q.
PPL Corporation (PPL) is expected to report $0.34 for 4Q.
(MORE TO FOLLOW) Dow Jones Newswires
02-18-22 0556ET
