Goldman Sachs Group Inc. agreed Monday to pay $15 million to settle regulatory claims that it obscured the cost of derivatives that clients purchased to bet on or against an index of overseas stocks.
The Commodity Futures Trading Commission said Monday that Goldman in 2015 and 2016 didn't tell clients that it priced swaps in a way that put them in a disadvantageous position. The swaps contracts were tied to an index of stocks from Japan, Europe, Hong Kong, Singapore, New Zealand and Australia, the CFTC said.
What to Watch in Johnson & Johnson's Second Talc Bankruptcy
Johnson & Johnson's second attempt to resolve its mass talc liabilities through a bankruptcy filing is likely to face a different set of risks than its first, which was dismissed.
The healthcare-products company filed the repeat bankruptcy for its LTL Management LLC affiliate last week to try to resolve claims that its talc products caused cancer, which the company denies.
Tilray plans to buy Hexo, in the latest consolidation in Canada's struggling pot industry. Analysts ask 'Why now?'
Canadian pot producer Tilray Brands Inc. on Monday said it agreed to buy peer Hexo Corp. for $56 million in an all-stock deal - after years of losses, steep competition and stalled federal reform in the U.S. have weighed on the industry's growth prospects.
With weed prices falling in Canada, Hexo's HEXO wrangling with its own finances, a big quarterly loss from Tilray and other industry acquisitions that haven't panned out, analysts asked management: "Why now?"
At FTX, Multimillion-Dollar Expenses Were Approved by Emoji
FTX's failures are rooted in "hubris, incompetence, and greed," the crypto exchange's new management team said in a report outlining scathing details about the lack of financial controls and record-keeping under founder Sam Bankman-Fried.
Mr. Bankman-Fried's crypto hedge fund Alameda Research often had difficulty understanding what its positions were, let alone hedging or accounting for them, the report said.
Tonal Founder Aly Orady Steps Down as CEO
The founder of Tonal Systems Inc. is stepping down as chief executive after the at-home fitness company completed its latest funding round at a fraction of its prior valuation.
Aly Orady is stepping down as CEO of the closely held company, effective immediately, Tonal officials told The Wall Street Journal. He will be succeeded by Krystal Zell, Tonal's current president. Mr. Orady will step into the role of chief technology officer, the officials said.
Bed Bath & Beyond says shareholders are asking about naked short selling
Bed Bath & Beyond Inc. said Monday it had received several inquires from shareholders related to naked short selling but that it had no specific access to information on share lending for short-selling transactions.
"While the company is unable to confirm such activity, the company denounces any market manipulation of its stock BBB, " the troubled home-goods retailer said in a statement.
Top Fed Official Plays Down Divergent Rate Outlook With Investors
A senior Federal Reserve official said he wasn't concerned about a potential disconnect between officials at the central bank and investors in financial markets over the outlook for interest rates later this year.
Last month, Fed officials projected they would hold rates steady this year after raising them to just above 5%. But investors in interest-rate futures markets increasingly anticipate the Fed will cut rates significantly over the 12 months beginning this September.
China Consumer Price Growth Eases, Reflecting Caution on the Economy
SINGAPORE-Inflation in China eased for the second straight month in March despite signs of a pickup in the economy, a cautionary signal on the strength of the nation's recovery as it emerges from nearly three years of strict Covid-19 controls.
Consumer prices rose just 0.7% in March from a year earlier, China's National Bureau of Statistics said Tuesday, the lowest annual rate of inflation since September 2021.
China Signals Readiness to Further Ease Trade Dispute With Australia
SYDNEY-China agreed to take steps that could resolve a trade dispute with Australia over barley, the latest sign that relations between the two countries are improving even as Canberra pursues deeper military ties with Washington.
Australian officials said China will review the 80.5% duties on Australian barley imports over the coming months. In return, Australia said it would suspend its case at the World Trade Organization challenging the barley restrictions while the review is pending.
Chinese Banks' March Lending Beat Expectations
Chinese banks issued a higher-than-expected amount of new yuan loans in March, signaling the stepping-up of support for the nation's economic recovery.
Banks extended 3.89 trillion yuan ($565.27 billion) in new yuan loans in March, up significantly from CNY1.81 trillion in February, according to data released Tuesday by the People's Bank of China.
Pentagon Probe Under Way in Leaks Case
WASHINGTON-The Pentagon is conducting an internal investigation of how purported secret documents detailing Ukraine war plans and intelligence on U.S. allies surfaced online in recent weeks, as the U.S. sought to soothe foreign governments whose countries were mentioned in the files.
The Justice Department and the Federal Bureau of Investigation are leading a criminal investigation into the leaks, but the Pentagon has assembled a team to conduct its own inquiry to determine the authenticity of the photographs of the classified slides that appeared online.
Deepening Florida Drought Hits Ranchers, Growers
Florida is contending with an intensifying drought that is one of its worst in the past decade, crimping cattle ranchers and growers and prompting state officials to warn of an early start to the wildfire season.
About two-thirds of Florida is under moderate to extreme drought conditions, mainly in the central and southern parts of the state, according to the most recent weekly report by the U.S. Drought Monitor, a joint effort of academic and government institutions. By comparison, about 21% of the state was under such conditions a year ago.
Nashville Officials Vote to Send Justin Jones Back to Tennessee House
NASHVILLE-City officials voted to return former state lawmaker Justin Jones to the Tennessee House of Representatives just days after he and a fellow Democratic legislator were removed by the chamber's Republican leaders.
Less than an hour later, he was sworn in on the statehouse steps and returned to the House floor to reclaim his seat in the state legislature. The move fills the vacant legislature seat until a special election is held.
Lawmakers Trade Bank Stocks While Working on U.S. Bank-Failure Fallout
Two lawmakers reported trades in bank stocks last month as they worked on government efforts to address fallout from two of the largest bank failures in American history.
The disclosures, by a New York Republican and an Oregon Democrat, mark the latest instance of congressional stock trading intersecting with official business.
Biden Administration Asks Appeals Court to Halt Abortion-Pill Ruling
The Biden administration filed an emergency request Monday asking a federal appeals court to block a ruling that suspended approval of a widely used abortion pill, while some Democratic-led states announced contingency plans to stockpile abortion drugs.
In a filing with the New Orleans-based Fifth U.S. Circuit Court of Appeals, the Justice Department said a federal judge in Texas engaged in an "extraordinary and unprecedented" usurpation of the U.S. Food and Drug Administration's authority by ruling that the pill shouldn't have been approved.
France's Emmanuel Macron Draws Criticism Over Taiwan Remarks
PARIS-French President Emmanuel Macron faced criticism on both sides of the Atlantic over comments he made during a recent trip to China, where he called on Europe to develop a stance independent of the U.S. in navigating tensions between Beijing and Taiwan.
Mr. Macron made the remarks in an interview with Politico and the French daily Les Echos on a flight Friday between Beijing and the southern Chinese city of Guangzhou. Mr. Macron was in China to press Chinese leader Xi Jinping to limit Beijing support for Russia in the war in Ukraine.
U.S. Deems WSJ Reporter Evan Gershkovich 'Wrongfully Detained' by Russia
The State Department on Monday designated Wall Street Journal reporter Evan Gershkovich, who was arrested by Russian security services last month, as "wrongfully detained," launching a broad U.S. government effort to exert pressure on Russia to free him.
Mr. Gershkovich is held on an accusation of espionage that the Journal and the U.S. government vehemently deny. His case now shifts to a State Department section known as the Office of the Special Presidential Envoy for Hostage Affairs, which is focused on negotiating for the release of hostages and other Americans classified as wrongfully detained in foreign countries.
Write to ina.kreutz@wsj.com TODAY IN CANADA
Earnings:
OrganiGram 2Q
Economic Calendar (ET):
Nothing major scheduled
Stocks to Watch:
Sigma Lithium to Delay Form 40-F; Delay Is Due to the Additional Audit Procedures Required as a Result Move Towards Commercial Production, Implementation of SAP
Other News:
- Pro-Russia Hackers Say They Breached Canadian Pipeline, but Experts Are Skeptical
- Tilray plans to buy Hexo, in the latest consolidation in Canada's struggling pot industry. Analysts ask 'Why now?'
Expected Major Events for Tuesday
06:00/JPN: Mar Preliminary Machine Tool Orders
10:00/US: Mar NFIB Index of Small Business Optimism
12:55/US: 04/08 Johnson Redbook Retail Sales Index
16:00/US: World Agricultural Supply & Demand Estimates (WASDE)
20:30/US: 04/07 API Weekly Statistical Bulletin
23:01/UK: Mar KPMG and REC UK Report on Jobs
(MORE TO FOLLOW) Dow Jones Newswires
04-11-23 0617ET
