COMPANY NEWS IN BRIEF

J&J, Costco settle lawsuits

Johnson & Johnson and Costco Wholesale Corp have reached a tentative agreement to settle lawsuits over the presence of a cancer-causing substance in several recalled J&J sunscreen products.

Lawyers for the companies and for plaintiffs suing over the Neutrogena and Aveeno-branded aerosol sunscreen products disclosed the settlement in a court filing in the Fort Lauderdale, Florida federal court on Friday, without revealing its terms.

J&J said in an emailed statement: "This agreement, which is subject to court approval, is not an admission of liability or wrongdoing. We strongly dispute the merits of these lawsuits and stand behind our position that we marketed our sunscreen products appropriately and responsibly."

J&J voluntarily recalled four Neutrogena aerosol sunscreen products and one from Aveeno on July 14, after finding small amounts of benzene, a carcinogen. It said the levels it detected were too low to pose a health risk, but "out of an abundance of caution" pulled all lots of the products and offered refunds.

The US Food and Drug Administration said following the recall it was investigating how benzene had ended up in the sunscreens. -Nampa/Reuters

Amazon seeks US approval

Amazon.com on Monday asked the US Federal Communications Commission for approval to launch and operate two prototype internet satellites by the end of 2022 as part of the company's effort to create a space-based satellite network.

Amazon, which has pledged to spend at least US$10 billion to build 3 236 such satellites through its Project Kuiper program, said the testing and demonstration launch is "an important step toward Amazon’s goal of delivering high-capacity, low latency broadband communications services to tens of millions of unserved and underserved consumers and businesses."

Amazon said on Monday it "continues to invest in Project Kuiper as we approach full production launches and prepare to serve tens of millions of customers around the world."

In 2020, the FCC approved the Project Kuiper plan for the constellation of low-Earth orbit satellites to compete with the Starlink network being built out by Elon Musk’s SpaceX.

Amazon has sparred with Musk, recently accusing the billionaire of ignoring a variety of government-imposed rules, including several Federal Aviation Administration (FAA) requirements. -Nampa/Reuters

American Airlines cancels more flights

Weather and staffing-led turbulence stretched into a fourth day for American Airlines, with the top US carrier cancelling more flights on Monday to push the total number to nearly 2 300. The airline said it cancelled 340 flights, or 6% of its total planned flights on Monday.

Staffing shortages have hit American Airlines, Southwest Airlines Co and Spirit Airlines Inc in particular, as they ramp up flights ahead of the holiday season but face problems finding enough pilots and flight attendants.

"Flight Attendant staffing at American is strained and reflects what is happening across the industry as we continue to deal with pandemic-related issues," flight attendants' union APFA said.

American's pilot union said last month they planned to picket the carrier's major hubs to protest work schedule, fatigue, and a lack of adequate accommodation this summer.

The cancellations are another setback to the Texas-based company, which is already reeling from rising fuel and labour costs impacting the industry as the US prepares to open borders to fully vaccinated travellers. -Nampa/Reuters

Emirates strips its first ever A380

Dubai's Emirates, which championed the Airbus A380 as the backbone of a global airline network built around the Gulf, has begun stripping one of the four-engined behemoths for the first time as the superjumbo gives way to smaller and leaner models.

The announcement on Monday comes just weeks before Emirates is due to take delivery of its last A380 from Airbus, bringing to an end an era in which the double-decker passenger jet dominated the airline's growth plans.

The airline has salvaged engines, landing gears and flight control components from the 13-year-old jet that flew its first commercial flight from Dubai to New York in August 2008, it said in a statement.

The A380 would now be stripped of parts to be transformed into furniture, memorabilia and other retail items to be sold and with a portion of proceeds to benefit the airline's charity that helps disadvantaged children.

With no major secondary market, Emirates was left with little choice but to strip the world's largest commercial passenger jet for parts that could be repurposed. -Nampa/Reuters

Barclays CEO Staley departs

Barclays Chief Executive Jes Staley is leaving the bank after a dispute with British financial regulators over how he described his ties with convicted sex offender Jeffrey Epstein.

Staley will be replaced as chief executive by the bank's head of global markets C.S. Venkatakrishnan, who pledged on Monday to continue his predecessor's strategy for Britain's third-biggest bank by market value.

Staley's shock departure comes after Barclays was informed on Friday of the unpublished findings of a report by Britain's Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) into Staley's characterisation of his relationship with Epstein, who killed himself in jail in August 2019 while awaiting trial on charges related to sex trafficking.

"In view of those conclusions, and Mr Staley's intention to contest them, the Board and Mr Staley have agreed that he will step down from his role as Group Chief Executive and as a director of Barclays," the bank said. -Nampa/Reuters