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Top News in Finance for April 5, 2023

by 5. Apr 2023 @ 4:35News, Top Market Insights for Today

KEY POINTS

Welcome to Wednesday!

Stay ahead of the curve with our rapid-fire roundup of today’s most impactful financial news, tailored to keep you informed and ready to seize opportunities.”

  • Johnson & Johnson to pay close to $9 billion in baby powder cancer settlements
  • General Motors secures second place in US EV sales
  • Frank’s founder faces federal charges for defrauding JPMorgan
  • Central Bank of New Zealand Raises Rates
  • Central Bank of New Zealand Raises Rates

1. Johnson & Johnson Settles Talc-Related Cancer Claims

Johnson & Johnson has agreed to pay $8.9 billion over 25 years to resolve tens of thousands of allegations that its talc-based baby powder led to cancer due to asbestos contamination. The company removed the talc-based powder from the market earlier this year. Despite agreeing to the settlement, J&J maintains that the claims are without merit.

 

2. General Motors Climbs to Second Place in EV Sales

In the first quarter of the year, General Motors sold over 20,000 electric vehicles (EVs) in the US, surpassing Hyundai/Kia and Volkswagen, who each sold over 14,000 EVs. This places GM second in US EV sales behind Tesla, which reported over 422,000 overall deliveries for the quarter, with an estimated 160,000 EVs sold in the US during that period.

 

3. Manhattan DA Targets Trump’s Business Integrity

Manhattan District Attorney Alvin Bragg is prosecuting former President Donald Trump for falsifying business records, charging him with 34 counts in an attempt to cover up other alleged crimes. Bragg argues that the case is, in part, about preserving the integrity of business in New York, as the city cannot allow businesses to manipulate records to conceal criminal conduct.

 

4. Central Bank of New Zealand Raises Rates

The central bank of New Zealand has unexpectedly increased interest rates by 50 basis points, taking them to 5.25%. This unexpected move led to a stronger New Zealand dollar and a decline in the country’s stock market.

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