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Johnson & Johnson will stop selling talcum baby powder

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Amid a rising number of lawsuits, Johnson & Johnson will officially cease production of its talcum baby powder.

Company executives say the decision follows a severe decline in sales right around the world.

The move also follows a number of lawsuits which claim the product causes cancer due to its contamination with asbestos.

Mined from the earth, Talc and lies very close to where carcinogenic asbestos comes from.

J&J says demand has fallen due to so-called ‘misinformation’ about the powder’s safety.

“We stand firmly behind the decades of independent scientific analysis by medical experts around the world that confirms talc-based Johnson’s baby powder is safe, does not contain asbestos, and does not cause cancer,” it said in a statement.

But an investigation by Reuters back in 2018 discovered the organisation knew for decades that asbestos was present in its talc products.

The global shift away from talcum powder comes more than two years after the healthcare giant ended sales of the product in both the U.S. and the UK.

The company says the powder will now be created from cornstarch.

“As part of a worldwide portfolio assessment, we have made the commercial decision to transition to an all cornstarch-based baby powder portfolio,” it said in a statement.

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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China prioritizes boosting domestic consumption amid economic concerns

China pledges to boost domestic consumption, plans bigger budget deficit, lower interest rates amid stagnant spending and economic concerns.

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China’s Communist Party leaders have prioritised boosting domestic consumption during their recent meeting in Beijing.

President Xi Jinping led the discussions, where officials agreed to larger budget deficits, increased borrowing, and lower interest rates, as reported by state media.

Consumer spending has been hampered by a collapsing real estate market, which significantly affects household wealth.

These decisions indicate Beijing’s readiness to adopt aggressive measures to stimulate spending, following efforts that began in September to address weak demand and growth.

The meeting highlighted the importance of sustaining economic growth and stability in employment and prices for the coming year, with a focus on enhancing consumption.

Specific policies

While the meeting conveyed a supportive stance on growth, specific policies were not detailed.

Economist Larry Hu noted that direct cash aid to consumers is unlikely; instead, the government will likely increase public spending to boost overall demand.

Following the meeting, Chinese stock futures declined, reflecting market uncertainty.

This conference is typically used to outline priorities for policy changes and upcoming budget announcements.

Earlier, the Politburo acknowledged the need for a stronger economic approach, signaling a willingness to lower interest rates.

Financial strain

China has faced challenges this year with sluggish growth and declining prices, leading to consumer reluctance and local governments facing financial difficulties.

Experts believe the government needs to enhance support to restore consumer confidence.

Since September, the government has initiated large-scale measures to stimulate spending but may not significantly shift from its state-led growth focus.

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Trump’s crypto venture partners with terrorists-linked platform

Trump’s crypto venture partners with Tron, linked to militants, raising ethical concerns and potential conflicts of interest.

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A new cryptocurrency venture by Donald Trump and special envoy Steve Witkoff has partnered with Tron, a platform criticised for ties to Iran-supported militant groups.

World Liberty Financial, co-founded by Witkoff, raises ethical concerns among experts due to this partnership.

Tron is noted for its speed and low fees and has been linked to crypto transfers involving designated terrorist organizations, according to financial crime experts.

The platform’s founder, Justin Sun, is set to advise the Trump-Witkoff venture after Tron’s $30 million investment in World Liberty.

Israeli authorities have frequently associated Tron with militant funding, highlighting the freeze of numerous Tron wallets tied to terrorist activities.

Crypto advocate

Concerns about potential conflicts of interest and ethics surround Trump’s financial ties to World Liberty, where he is listed as a “chief crypto advocate” and is entitled to a share of revenues.

Experts worry that Witkoff’s financial stake may influence U.S. policy, despite plans for a blind trust.

Witkoff’s appointment as envoy comes as the region faces rising tensions, raising further scrutiny of his dual roles in business and government.

The role of special envoy does not needed Senate confirmation, potentially allowing Witkoff to accept outside income while serving, which complicates oversight.

Experts say that strict boundaries should exist between his diplomatic responsibilities and personal financial interests.

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U.S. small business confidence hits 3-1/2-year peak

US small business confidence hits 3.5-year high post-election, driven by optimism for economy and hiring plans.

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U.S. small-business confidence reached its highest point in nearly 3-1/2 years in November, according to the National Federation of Independent Business (NFIB).

The NFIB’s Small Business Optimism Index increased by 8.0 points to 101.7, marking the highest level since June 2021.

This surge followed the recent elections, which saw Donald Trump winning the presidential race and the Republican Party gaining control of Congress.

Small business owners, who typically lean Republican, showed increased confidence, a trend anticipated by economists.

Other sentiment surveys also reported improvements in consumer confidence post-election.

Economic improvement

The percentage of small business owners expecting economic improvement rose significantly, indicating a shift in outlook.

More owners believe now is a good time to expand their business, with expectations for higher sales growth increasing. Concerns about inflation slightly lessened, as fewer owners cited it as their primary issue.

Additionally, the uncertainty index for small businesses dropped, reflecting increased stability in economic expectations.

Despite ongoing labor shortages in various sectors, the number of businesses planning to hire rose to the highest level in a year.

Compensation for employees saw an uptick; 32% of owners reported increases, while a notable percentage plans further raises in the coming months.

 

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