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Meta Platforms is set to face a landmark jury trial this week in a lawsuit brought by New Mexico which accuses the tech giant of exposing children and teens to sexual exploitation on its platforms and profiting from it. The lawsuit claims that Meta’s design choices and profit incentives prioritized engagement over child safety and that the company failed to implement effective safeguards. “While the New Mexico attorney general makes sensationalist, irrelevant and distracting arguments by cherry-picking select documents, we’re focused on demonstrating our longstanding commitment to supporting young people,” a Meta spokesperson said.

 

Cybernews

Reuters

The Guardian

President Donald Trump has selected Kevin Warsh, a former Federal Reserve governor and Wall Street veteran, as his nominee to lead the Federal Reserve, succeeding Jerome Powell. “I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” the president said in a Truth Social post announcing the selection. Mr. Warsh, who served at the Fed during the 2008 financial crisis and currently works at Stanford’s Hoover Institution, is expected to align with Mr. Trump’s desire for significantly lower interest rates, despite Mr. Warsh’s historically hawkish stance on inflation. His nomination comes amid Mr. Trump's broader efforts to reshape the central bank, including previous attempts to replace board members and challenge the Fed's independence. He is anticipated to face questions about maintaining central bank autonomy during his Senate confirmation, though a Republican majority makes confirmation likely. Mr. Warsh, if confirmed, would take over when Mr. Powell's term expires in May.

 

CNN

CNBC

NPR

New York Times

Insurance broker Aon has reported an increase in fourth quarter adjusted profit amid robust demand for its risk management offerings. Reuters notes that global insurance spending has remained resilient as individuals and businesses prioritize coverage to mitigate against risks including trade and geopolitical uncertainty, as well as natural disasters.

 

Reuters

U.S. law enforcement is probing allegations from former Meta Platforms contractors suggesting that company personnel have gained access to WhatsApp messages, contradicting the company's assertions that the service hosts private and encrypted communications. The claims, which highlight alleged “unfettered” access to chats, are being investigated by special agents from the U.S. Department of Commerce, and echo similar allegations raised in a 2024 whistleblower complaint to the U.S. Securities and Exchange Commission. The ongoing inquiry has not been publicly disclosed until now.

 

Bloomberg

A U.S. district judge has thrown out a lawsuit alleging Johnson & Johnson committed fraud by repeatedly attempting to use a shell company's bankruptcy to resolve tens of thousands of lawsuits that claimed its baby powder and other talc products caused cancer. The judge said that the plaintiffs failed to demonstrate actual harm from the delays caused by the bankruptcy process, which paused their legal cases for nearly four years. J&J maintains that its talc products are safe and devoid of asbestos. Legal battles continue with numerous lawsuits pending against the company.

 

Reuters

A federal judge in Illinois has allowed a class action lawsuit against Biogen to proceed amid claims the company colluded with pharmacy benefit managers to promote its multiple sclerosis drug, Tecfidera, over cheaper alternatives. The ruling reverses a previous decision where Judge April Perry dismissed the case, saying that the plaintiff health plans had not sufficiently demonstrated antitrust violations or direct injury. However, the plaintiffs have since amended their complaint, addressing these issues.

 

Bloomberg Law

A court in the Netherlands has ruled that binding greenhouse gas emissions targets to reach net zero by 2050 must be set by the government to protect the Dutch-Caribbean island of Bonaire, and has ordered the state to develop a proper climate adaptation plan for the island. “This is an incredible victory for the people in Bonaire,” said Eefje de Kroon, a climate justice expert at Greenpeace Nederlands. “Not only has the court established that people from Bonaire are being discriminated against because of the climate crisis but also the Dutch government needs to do much more to protect them.” The court ruled that the Dutch government was breaching articles 8 and 14 of the European convention on human rights, which protect the right to respect for private and family life and prohibit discrimination.

 

Financial Times

New York Times

NL Times

The Guardian

First Brands founder Patrick James has been indicted on multiple charges including fraud and conspiracy following allegations of defrauding lenders out of billions before the company's bankruptcy. Prosecutors claim that he and his brother Edward concealed financial fraud through schemes involving false documents and inflated assets, which ultimately led to the company’s insolvency and disrupted supply chains for major clients such as Ford and General Motors. Patrick James has denied the charges through a spokesperson, asserting his commitment to the company's success as he prepares to defend himself in court.

 

Bloomberg

Reuters

A report by blockchain intelligence company TRM Lab suggests $158bn of digital tokens was sent to crypto wallets controlled by criminals last year, a 145% rise on 2024.

 

Financial Times

SpaceX is reportedly evaluating potential merger scenarios with both Tesla and the artificial intelligence firm xAI. Investors have shown interest in a combination between SpaceX and Tesla, while the company is also considering a collaboration with xAI ahead of a potential IPO. This move reflects Elon Musk's strategic consideration of how to consolidate his business ventures effectively.

 

Bloomberg

Peloton Interactive has cut 11% of its workforce as part of a cost-cutting drive under chief executive Peter Stern. The layoffs, mainly affecting engineering and technology roles, are intended to streamline operations and support a turnaround. Peloton employed more than 2,600 staff last year and has raised hardware and subscription prices, but its shares remain under pressure ahead of upcoming earnings.

 

Reuters

Coterra Energy and Devon Energy are in advanced talks on a nearly $60bn deal that would be the largest oil and gas merger in two years, the Financial Times reports.

 

Financial Times

Ford has held preliminary talks with electric vehicle maker Xiaomi over a partnership that would pave the way for Chinese carmakers to gain a foothold in the U.S., sources say.

 

Financial Times

U.S. President Donald Trump has announced plans to decertify Bombardier Global Express jets and impose 50% tariffs on all Canadian-made aircraft unless Canada certifies Gulfstream planes. The move follows tensions over trade and certification processes, with Trump saying: "If, for any reason, this situation is not immediately corrected, I am going to charge Canada a 50% tariff." Critics warn that such actions could potentially jeopardize thousands of jobs across both countries.

 

Reuters