Salem Radio Network News Saturday, May 8, 2021

Business

BUSINESS UPDATE

LONDON (AP) — Foreign ministers from the Group of Seven wealthy industrialized nations are gathering in London to grapple with threats to health, prosperity and democracy. It is their first face-to-face meeting in more than two years. Host country Britain has warned that the increasingly aggressive activities of Russia, China and Iran pose a threat to democratic societies. Top diplomats from the U.K., the United States, Canada, France, Germany, Italy and Japan are holding two days of talks with an agenda that includes the coup in Myanmar, the Tigray crisis in Ethiopia and the precarious situation in Afghanistan. G-7 ministers will also try to agree on a way to make coronavirus vaccines available around the globe.

UNDATED (AP) — U.S. companies that cheat their workers out of pay are unlikely to be fined or punished even after they’re caught. An analysis of Labor Department data finds that in 2019, 8,500 employers were cited for taking about $287 million from workers. Companies that hire child care workers, gas station clerks, restaurant servers and security guards are among the businesses most likely to get caught. The analysis finds, however, that the government rarely penalizes repeat offenders and often lets companies pay workers back less than they owe.

DUBAI, United Arab Emirates (AP) — Saudi Aramco’s profits have soared by 30% in the first-quarter of the year, compared to last year, riding on the back of higher crude oil prices. The oil company’s financial results show a net income of $21.7 billion for the first three months of the year, compared to the same period in 2020 when Aramco’s earnings plunged to $16.7 billion as the early effects of the coronavirus pandemic began to dramatically drive down global demand for oil. The company is more than 98% owned by the Saudi government with 1.7% traded on the Saudi stock exchange.

SEOUL, South Korea (AP) — The chairman of one of South Korea’s biggest dairy companies has resigned over a scandal in which his company is accused of deliberately spreading misinformation that its yogurt helps prevent coronavirus infections. While stepping down as the company’s head, Hong Won-sik and other members of his family will retain their commanding share in Namyang Dairy Products. Namyang financed research it aggressively promoted through the media that claimed its Bulgaris yogurt drinks were effective in lowering the risk of coronavirus infections. Namyang’s stock price rose temporarily before the Ministry of Food and Drug Safety sued the company for false advertising.

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Michael Ramirez
Tue, Apr 27, 2021

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