Business
Tobacco Firms to Pay $23.6bn in Proposed Canada Settlement
Three of the world’s largest tobacco companies—Philip Morris, British American Tobacco, and Japan Tobacco—are nearing a landmark agreement to resolve long-standing litigation in Canada. The settlement proposes that the firms collectively pay C$32.5 billion ($23.6 billion) to compensate smokers and health departments across the country.
The deal follows a 2015 Quebec court ruling, which found that these companies were aware of the health risks associated with smoking but failed to adequately inform consumers. As a result, the companies placed their Canadian operations in bankruptcy, leading to years of legal battles and negotiations.
If approved, the settlement will allocate C$6.5 billion directly to smokers and their heirs, who have been affected by illnesses such as lung and throat cancer. The remaining C$24 billion will be directed to government health departments to cover smoking-related healthcare costs.
Claimants could receive up to C$100,000 each, with Quebec victims, who initiated the lawsuits, receiving a significant portion of the compensation.
Although the settlement is expected to be approved by most claimants, some public health advocacy groups have expressed concerns that it does not include provisions to prevent future harm or limit tobacco companies’ influence, especially regarding newer nicotine products.
Voting on the plan is set for December 2024, with a final hearing expected in the first half of 2025. If successful, this will mark the first global litigation against the tobacco industry resulting in direct compensation for victims.
Business
McDonald’s E. coli Outbreak: What We Know So Far
McDonald’s has temporarily removed quarter pounders and fresh, slivered onions from the menu in approximately 20% of its U.S. stores due to a deadly E. coli outbreak. The Centers for Disease Control and Prevention (CDC) has reported 49 cases of illness across 10 states, with 10 hospitalizations and one confirmed death.
The outbreak has been primarily concentrated in western and Midwest states, including Colorado and Nebraska, where the most cases have been recorded. The CDC continues to investigate the source of the E. coli contamination, but preliminary interviews have linked several cases to McDonald’s quarter pounders.
The first confirmed outbreak case was reported on 27 September, and since then, a child has been hospitalized with hemolytic uremic syndrome (HUS), a severe condition that can lead to kidney failure. Unfortunately, one death has been reported, an older adult in Colorado.
McDonald’s removed the affected items from stores in states including Colorado, Kansas, Utah, Wyoming, Idaho, and more, as authorities investigate further. Other major food companies are also withdrawing onions as a precautionary measure, though McDonald’s has clarified that other menu items, including other burgers, remain unaffected.
Business
Boeing Faces Pivotal Moment Amid $6 Billion Loss and Ongoing Strike
Boeing’s newly appointed CEO, Kelly Ortberg, has described the company as being at a “crossroads” as it grapples with mounting losses, which have surged to around $6 billion (£4.6 billion). Ortberg, who assumed the role in August, is striving to steer the aerospace giant through a challenging period, marked by both financial setbacks and reputational damage following manufacturing and safety concerns.
The situation is further compounded by an ongoing strike involving over 30,000 Boeing workers in the United States. The strike, now in its second month, has brought production of several aircraft to a standstill. Workers are expected to cast their votes on Wednesday regarding Boeing’s latest pay and benefits offer. The proposal includes a 35% wage increase over four years, an attempt by the company to resolve the labor dispute.
In his remarks, Ortberg expressed hope that the workers would accept the offer, while acknowledging that significant challenges remain. “This is a big ship that will take some time to turn, but when it does, it has the capacity to be great again,” Ortberg said, emphasizing his commitment to stabilizing Boeing and regaining the trust of its workforce and customers.
The strike vote is a critical moment for Boeing, which is striving to recover from recent struggles while keeping its operations running smoothly. The outcome could shape the company’s future trajectory, as Ortberg works to reset the business and address lingering issues that have hurt its standing in the aerospace industry.
Business
Disney Plans to Announce Bob Iger’s Successor in Early 2026; James Gorman to Take Over as Board Chair Next Year
The Walt Disney Company has made a significant announcement regarding its leadership structure, revealing that James Gorman will replace Mark Parker as the chairman of the board, effective January 2024. This transition comes as the entertainment giant prepares for a crucial period of succession planning, with plans to name a successor for long-time CEO Bob Iger by early 2026, a shift that reflects the company’s commitment to a thorough evaluation of potential candidates.
Gorman, who has been on Disney’s board for less than a year, was appointed the head of the succession planning committee back in August. His leadership of this committee will continue as he steps into the role of board chairman. Bob Iger, the current CEO, expressed confidence in Gorman’s capabilities, stating that the Disney board has greatly benefited from Gorman’s expertise and insight. Iger remarked on the fortunate timing of Gorman’s appointment, especially as the board navigates the complexities of the succession process.
In his statement, Iger also took the opportunity to convey his heartfelt appreciation for Mark Parker, who has served on Disney’s board for nine years. Iger noted that Parker’s contributions to the company and its shareholders have been invaluable, reflecting the strong leadership and vision that Parker provided during his tenure.
Parker’s departure from the board is driven by his desire to focus on other professional commitments, particularly those related to his role at Nike, where he serves as Executive Chairman. A source familiar with the situation indicated that Parker’s shift would allow him to devote more attention to Nike-related matters, especially following the recent transition of leadership within that company.
Originally, Disney had aimed to announce Iger’s successor by 2025; however, the board’s decision to extend the timeline to early 2026 will enable a more comprehensive assessment of both internal and external candidates. This extended timeline is intended to ensure that the board can conduct thorough due diligence on all potential successors, providing ample opportunity for discussion and consideration among board members.
Gorman’s extensive background in leadership and succession planning is noteworthy, particularly his recent experience at Morgan Stanley, where he oversaw the seamless transition of leadership with Ted Pick stepping in as CEO at the start of this year. His proven track record in handling complex succession processes positions him well for the challenges ahead at Disney.
-
Spotlight3 days ago
Move-In Cleaning vs. Move-Out Cleaning
-
Tech4 days ago
Musk’s $1 Million a Day Petition Drive Targets Swing State Voters
-
News4 days ago
Polio Resurgence in Pakistan Sparks Concern as Cases Climb
-
Sports1 day ago
Celtic Hold Firm to Earn Valuable Point in Goalless Draw Against Atalanta
-
Business3 days ago
HSBC to Restructure Operations Between East and West Amid Global Shifts
-
News4 days ago
Cuba’s Power Restoration Plan Faces Challenge as Hurricane Oscar Nears
-
Sports1 day ago
Brest and Bayer Leverkusen Share Points in Thrilling 1-1 Champions League Draw
-
Sports2 days ago
Reijnders’ Double Strike Powers AC Milan to Crucial Win Over Club Brugge