During the impacts of the COVID-19 pandemic we've reported on the actions of fraudsters who have targeted unemployment programs and stimulus dollars. Now, there are concerns about ongoing and widespread health care fraud costing taxpayers billions of dollars nationwide.
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(Bloomberg) -- If there's any country that might've been in a position to rescue Europe from its energy crisis, it’s the U.S. — home to vast shale fields holding a seemingly endless supply of natural gas and giant terminals capable of liquefying it and shuttling it abroad. Most Read from BloombergThe Country That Makes Breakfast for the World Is Plagued by Fire, Frost and DroughtHSBC Bets Big on China as Pressure Mounts in LondonHow Los Angeles Became the City of DingbatsWhy the Gaza Strip May B
Automakers are cutting well into muscle at this point…
(Bloomberg) -- China’s power-hungry commodities producers are in Beijing’s firing line, but the government’s efforts to stave off a full-blown energy crisis are also fueling rallies in everything from fertilizer to silicon.Most Read from BloombergThe Country That Makes Breakfast for the World Is Plagued by Fire, Frost and DroughtHSBC Bets Big on China as Pressure Mounts in LondonHow Los Angeles Became the City of DingbatsThe Unstoppable Appeal of Highway ExpansionWhy the Gaza Strip May Be the Ci
- Business Insider
Costco is renting 3 container ships and 'several thousand containers' to shield itself from supply-chain delays and rising costs
Retailers across the US are facing delays, shortages, and rising costs because of an ongoing breakdown in the shipping supply chain.
China's C919 jetliner - a no-show at the country's biggest air show this week – has found it harder to meet certification and production targets amid tough U.S. export rules, according to three people with knowledge of the programme. The state-owned manufacturer, Commercial Aircraft Corp of China (COMAC), has been unable to get timely help from suppliers and has run out of some spare parts, those people said. U.S.-linked suppliers are gradually receiving the licences, but the hiccup has slowed down Chinese certification, and months-long delays threaten to affect early production, said the people, who declined to be named because of the sensitivity of the matter.
- American City Business Journals
Spirit AeroSystems Inc. hopes to solidify its production workforce to support what is expected to be significant output increases by its primary customers. According to a letter to employees, which was obtained by the WBJ, the International Association of Machinists and Aerospace Workers recently approached the company about its members that still have Boeing Co. pension plans that want to withdraw those funds. Spirit was spun off from Boeing (NYSE: BA) in 2005.
Soaring energy prices and cheap valuations make this group attractive.
Most offices have eight-hour workdays—how many of those hours are we really supposed to be working? We asked a productivity expert, a psychologist, a labor journalist, and a boss.
Investors have been rewarding companies that are doing a particularly good job of pumping out free cash flow and increasing their shareholder returns.
Hurricane Ida also hit oil output, a primary reason Goldman sees the price going to $90. Goldman Sachs has raised its oil price forecast to $90 a barrel as it said Hurricane Ida should prove to be “the most bullish hurricane in U.S. history.” “Global oil demand is back to converging to pre-Covid levels led by mobility in Asia, including China, and with the Delta Covid impact fading,” they said, adding that the global decline in air travel was smaller than first feared.
(Bloomberg) -- China may be diving head first into a power supply shock that could hit Asia’s largest economy hard just as the Evergrande crisis sends shockwaves through its financial system. Most Read from BloombergHow Los Angeles Became the City of DingbatsWhy the Gaza Strip May Be the City of the FutureSchool Reopenings Falter as U.S. Kids Near 1 Million Covid CasesThe Rise of the Pandemic DashboardA Jewish Tradition Makes Room for Unconventional DesignThe crackdown on power consumption is be
Shortages of electricity in China threaten to slow down economic growth there, while Europe has its own problems. Oil prices are rising.
A tweak to U.S. export restrictions is letting a prominent Chinese tech company sidestep measures designed to punish the firm over its alleged involvement in the repression of Muslims within the country, records show.Why it matters: The artificial intelligence company SenseTime's strategy to bypass those measures shows how companies deemed national security risks — or accused of complicity in human rights abuses — can bypass U.S. restrictions.Stay on top of the latest market trends and economic
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NEW YORK (Reuters) -Wells Fargo & Co will pay $37.3 million to settle U.S. government claims it fraudulently overcharged commercial clients on foreign exchange services, the latest in a string of scandals over the bank's treatment of customers. Monday's settlement resolves U.S. Department of Justice civil fraud charges against the fourth-largest U.S. bank, and includes a $35.3 million fine plus a $2 million forfeiture. The Justice Department said sales specialists jokingly used expressions such as "back the truck up" and "when in doubt, spread them out" when they were overcharging customers, with one referring to the sales group as a "bucket shop."
General Motors warned that salaried workers who have not reported their coronavirus vaccination status by this Friday, October 1, will receive a letter of safety violation. Employees who choose not to reveal whether they're vaccinated will also risk a financial penalty. "Continued non-compliance will result in a second safety letter violation and a reduction of the performance bonus," General Motors spokeswoman Maria Raynal told The Detroit Free Press.
As China tries to reshape its economy, many U.S. companies, including those in materials and technology sectors, may feel some pain.
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What if coronavirus could be prevented with a pill? Pfizer said on Monday it has started testing an oral antiviral drug for people exposed to COVID-19. In a mid-to-late stage study, Pfizer will test a pill in up to 2,660 healthy adults aged 18 or older. Participants in the trial must live in the same household as a person with a confirmed case of coronavirus. The antiviral pill is designed to block the activity of a key enzyme needed for the coronavirus to multiply. Pfizer and its rivals, including U.S.-based Merck & Co Inc., have been racing to develop an easy-to-administer pill for COVID-19. To date, Gilead Sciences’ intravenous drug remdesivir is the only approved antiviral treatment for COVID-19 in the U.S. While effective, it is time-consuming, costly and requires medical assistance to administer the treatment.
Two major Taiwanese chipmakers, however, said their China facilities are operating as normal. The development comes as tight coal supplies in China and toughening emissions standards have triggered a contraction in heavy industry in several regions, dragging on the country's economic growth rate, analysts have said. Apple supplier Unimicron Technology Corp late on Sunday said three of its China subsidiaries stopped production from midday on Sept. 26 until midnight on Sept. 30 to "comply with the local governments' electricity limiting policy".
Oil and natural gas prices have climbed to the highest levels in years, but a few stocks are set to out perform as the commodities continue to rise