Food and Safety Inspection Service (FSIS) under the US Department of Agriculture (USDA) has recalled mislabeled uncured pork pepperoni. Referring it as a Class II hazardous situation, FSIS advices Whole Foods customers to return the purchased products or just throw them away. But the recalling has taken place as consequences of changed ingredients from supplier’s behalf.
Legal & Regulatory
MTA bans hoverboard
The MTA has banned hoverboards from the New York City transit system for safety reasons. According to the latest rules, riders will not be allowed to bring the two-wheeled motorized devices on buses, subway platforms and trains
Obama takes first steps towards lifting the Cuban trade embargo
President Obama has rolled out a new set of regulations that lifts the Cuban trade embargo to a certain extent. The relaxed rules allow easy facilitation of trade, travel and finance between the two governments, a move taken to end the age-old cold war between them. While the embargo cannot be lifted completely unless Congress gives their consent, the Obama administration is convinced that this is a step in the right direction for improving the condition of the island.
Higher Capital Requisites In Basel III Rules Lead To Volatile Gilt Market In The UK
Introduction of risk based regulation centering Basel III accord has pushed up costs of fund. As an aftermath, the January 20 auction of the UK sovereign bonds has witnessed the lowest demand in nearly seven years. Ahead of rising concerns over the increasing challenges in the UK gilt market, many of the world’s biggest banks are shrinking their bond-trading activities. However, concerns of the investors and dealers have been communicated to the regulators concerned through a meeting held on Tuesday.
Fed Keeps Benchmark Rates In Place, Hints For Further Hike In March
The policy making committee of the Federal Reserve Bank has announced keeping key interest rates unchanged on Wednesday. The inflation rate exists below predictions and job growth remains satisfactory. But ahead of global economic turmoil and considering strong Dollar outlook, Fed has decided to let the tightened monetary policy to go further. However, it hints for hiking interest rates during its next meeting scheduled to be held in March.
Latest News
The lawsuit claims a penalty of $18 million as well as the returning of $2 million royalty payment because Jay Z was not abiding by the agreement that he would promote his signature fragrance. Parlux Fragrances claimed that they have lost millions from potential sales and development costs and demanded a compensatory fine.
With the increase of the penalty for uninsured people that will soon be applied, young adults are having a hard time to choose between the high cost of insurance or the bigger fines for not having premiums. The fine amount is now doubled compared to the one in 2015. This is an effort by the administration to encourage people to get health coverage.
New Mexico has become the first US state to sue the German automaker, Volkswagen, for breaching the Clean Air Act with huge levels of emissions as well as for trade malpractices. The allegation is the company sold as many as 4000-10000 faulty models whose nitrogen-oxide emissions exceeded the limits by 40%, which could cost VW almost $20 billion in fines.
The program aims to provide limited internet access to users, but the concept has raised concerns regarding internet neutrality. The Telecom Regulatory Authority of India has asked Facebook to discontinue the service until they provide more information on the program as requested. Facebook has responded with a campaign, but the program's ban has not yet be lifted.
Najib Razak has been cleared of corruption case of over $681 million as the money is a 'gift' from Saudi royal family. According to the Attorney General Apandi Ali, the sum in prime minister’s personal bank account has no link to troubled state fund 1MDB.
Vijay Mallya, chairman of United Breweries Holdings Limited, approached the Delhi Court on Friday for a legal representation before a panel of State Bank of India (SBI) members, where they would argue their case against being declared as willful defaulters.
Future Land Development shares have witnessed a fall of around 14% and appear to be the lowest since September 7. Meanwhile, Moody’s has changed outlook on the business to negative from stable on Monday. Fearing further price falling, the company has arranged suspension of its shares listed in the Hong Kong and Shanghai Stock Exchange.
The advancement of the internet in South Korea has brought some advantages as well as social issues. Internet addiction has been a concern in the country, and the government is helping to solve the issue with some programs, including rehabilitation camps.
HMRC has been conducting multiyear investigation to unearth Google’s tax dodging events. Though denied earlier, a Google spokesperson has narrated a deal with the Britain’s tax authority to pay taxes of £130 million due for over a decade. The deal is significant since many countries around the globe are conducting scrutiny to ascertain dodged tax amounts of Google and other multinationals. Investigations in accordance with OECD guidelines may also help France to establish its claim for $1 billion as unpaid taxes.
