The world this week--Business
Several American companies responded to a Supreme Court decision to overturn Roe v Wade, the ruling that declared abortion a constitutional right in 1973.
Amazon, Apple, Meta, JPMorgan Chase, Microsoft and Nike were among those that pledged to cover travel costs for employees seeking abortions and other medical care not available in their state.
Consumer confidence in America fell to its lowest point in over a year in June amid concerns about inflation, according to a survey by the Conference Board, a research organisation.
The six-month outlook of consumers on the state of the economy and labour market was the bleakest in nearly a decade.
In Britain, consumer confidence fell to its lowest level since records began in 1974, data published by GfK, a consumer-goods research company, showed.
Lufthansa, a German airline, became the latest carrier to cancel thousands of flights because of staff shortages at airports.
The carrier will slash over 3,000 flights to and from Frankfurt and Munich this summer.
This follows weeks of disruption at airports across America and Europe.
Russia defaulted on its foreign debt for the first time since 1918 after Western sanctions blocked it from paying its creditors.
Despite having sufficient foreign currency to service its debt, Moscow failed to make interest payments of about $100m on two bonds, both of which were originally due on May 27th, but carried a 30-day grace period.
EY, an auditing firm, was fined $100m by the Securities and Exchange Commission (SEC), America’s securities regulator, settling claims that dozens of its audit staff cheated on ethics exams.
EY was also accused of misleading investigators.
The penalty is the highest ever imposed by the SEC on an auditor.
It is double the amount paid in 2019 by KPMG, a rival firm, for altering old audit work using stolen data.
The board of Disney voted to extend Bob Chapek’s contract as chief executive for three more years, putting an end to speculation about his future at the media conglomerate.
Mr Chapek, who took over in 2020, had faced criticism over Disney’s response to a law in Florida dubbed “Don’t Say Gay” by its critics.
The law is aimed at preventing discussion of gender identity and sexual orientation at primary schools.
Credit Suisse, Switzerland’s second-largest bank, was found guilty by the country’s top criminal court for its role in the laundering of drug money by Bulgarian clients between 2004 and 2008.