Business News

PRESS DIGEST-New York Times business news

March 28 (Reuters) – The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.

– US Commodity Futures Trading Commission (CFTC) sued Binance, the world’s largest cryptocurrency exchange, and two of its senior executives on Monday, alleging that in wooing business from American investors, they had chosen to “knowingly disregard” laws governing certain US financial markets .

– Lyft Inc said on Monday founders Logan Green and John Zimmer would step down as CEO and president, with board member David Risher taking on the top role as the ride-hailing firm struggling to keep up with bigger rival Uber.

– US regional lender First Citizens BancShares scooped up the assets of failed peer Silicon Valley Bank, in a vote of confidence for the battered banking sector that prompted a rally in bank shares.

– Shawn Fain won the race for United Auto Workers president, narrowly defeating incumbent head Ray Curry in a shakeup for the Detroit-based labor union.

– Fox News Media of Fox Corp has fired producer Abby Grossberg who last week accused the network of discrimination and of coercing her into providing misleading testimony in a blockbuster defamation case.

(Compiled by Bengaluru newsroom)

Do I Need an Emergency List?

We frequently have questions related to the practical and financial panic after a death in the family when accounts, passwords, and assets are unknown. Sometimes, a family knows an estate plan was done but they cannot find the plan and don’t even know the law firm that drafted the plan. An emergency list can help to avoid these issues.

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We often see people lose their spouse, and have no idea how to access bank accounts, pay their bills, or even know what retirement accounts exist.

Because of this, we often recommend that clients compile a list of important assets, passwords, locations of important documents, etc.

In the event of an emergency, incapacitation, or even death, this list can help.

So what should you have on this emergency list?

  • If you work with any professional, such as your lawyers, physicians, financial advisors, etc., put their contact information on the list so that your loved ones can reach out to them, if necessary.
  • A list of all of your assets and how you can access them. Don’t forget to include pension information, retirement accounts, bank accounts, etc.
  • Put information about the location of your estate firm and contact information from the lawyer that drafted it.
  • Put information as to where all of your important documents are kept, such as your vehicle titles, deeds, Social Security cards, etc.

In an emergency situation, people don’t want to be scrambling to find important documents.

Life is full of uncertainties, but careful planning can help lessen the burden when you are already going through a tough situation.

Having a complete list can be incredibly helpful to your loved ones. It also ensures that your estate plan will be placed and carried out as intended.

It is also important to remember to update the list as your assets change. Keep the list current to eliminate confusion.

If you need help with your estate plan or creating an emergency list, we can help.

Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.

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Contact us today with all your legal needs!

Breaking: New Self-Disclosure Policy – Rickard & Associates

The Department of Justice (“DOJ”) announced a new Voluntary Self-Disclosure Policy to be used by US Attorney Offices throughout the country.

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The new policy helps to encourage early and voluntary self-disclosure of corporate criminal misconduct. It reinforces the importance of having an effective compliance plan that identifies misconduct.

To be a voluntary self-disclosure, the disclosure must be voluntary, timely and must contain all relevant facts of misconduct.

If the disclosure is all of the above, the government will not seek a guilty plea against the companyso long as the company also fully cooperates with investigators and appropriately remediates the criminal conduct.

However, even if the disclosure counts as a voluntary self-disclosure, if the misconduct:

  • poses a grave threat to national security, public health or the environment, or
  • if it is deeply pervasive throughout the company, or
  • involved current executive management of the company,

then there may still be a guilty plea.

As always, it is essential to be proactive about your compliance plan.

If you need help updating your compliance plan, auditing, or training staff, contact us today.

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Do you need help updating your Business Associate Agreement or negotiating contracts with third-party vendors? We can help. To contact us about your Business Associate Agreement, your vendor contracts or your other legal needs, call us today.

China accuses Washington of wanting ‘technological hegemony’ in Huawei battle – Business News

China’s government accused Washington on Tuesday of pursuing “technology hegemony” following news reports the United States might step up pressure on tech giant Huawei by blocking all access to American suppliers.

The possible move, reported by Bloomberg News, The Financial Times and The Wall Street Journal, would tighten restrictions imposed in 2019 that limit Huawei’s access to processor chips and other technology. The company, which makes network equipment and smartphones, was allowed to buy some less advanced components.

Huawei Technologies Ltd., China’s first global tech brand, is at the center of conflict between Washington and Beijing over technology and security. US officials say Huawei is a security risk and might facilitate Chinese spying, an accusation the company denies.

“China is seriously concerned about the reports,” said a foreign ministry spokeswoman, Mao Ning. She accused Washington of “over-stretching the concept of national security and abusing state power” to suppress Chinese competitors.

“Such practices are contrary to the principles of market economy” and are “blatant technological hegemony,” Mao said.

Mao said Beijing would “defend the legitimate rights” of its companies but gave no indication of how the government might respond. Beijing has made similar declarations after past US actions against its companies but often does nothing.

The ban on sales of advanced US processor chips and music, maps and other services from Alphabet Inc.’s Google unit crippled Huawei’s smartphone business. The company sold its low-end Honor smartphone brand to revive sales by separating it from the sanctions on its corporate parent.

The Commerce Department agreed to grant export licenses to US companies to allow them to sell less-advanced chips and other technology to Huawei that was deemed not to be a security risk. That followed by complaints from suppliers would lose billions of dollars in annual sales.

The Biden administration is considering no longer granting such licenses, although no decision has been made, the news outlets reported, citing unidentified people familiar with official deliberations.

Huawei scrambled to remove US components from its network and other products and has launched new business lines serving factories, self-driving cars and other industrial customers. The company hopes those are less vulnerable to US pressure.

Huawei says its business is starting to rebound.

“In 2020, we successfully pulled ourselves out of crisis mode,” Eric Xu, one of three Huawei executives who took turns as chairman, said in a December letter to employees. “US restrictions are now our new normal, and we’re back to business as usual.”

Last year’s revenue was forecast to be slightly-changed from 2021 at 636.9 billion yuan ($91.6 billion), Xu said.

What is a Power of Attorney?

Many of our clients have heard of the powers of attorney, but do not know what they actually entail.

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It is important to know that there are different types of powers of attorney, however, they are all legal documents that allow you to pick an agent or attorney-in-fact on your behalf.

Powers of attorney allow another person to make financial, legal, and medical decisions for you, depending on the type.

There are different types of powers of attorney. Some include:

  1. Durable Power of Attorney – A durable power of attorney is one that is effective, even upon incapacitation. It allows the appointed person the power to make decisions on your behalf, whether financial or legal.
  2. Limited Power of Attorney – A limited power of attorney restricts the powers to certain designated powers, such as selling property.
  3. Medical Power of Attorney – This allows you to name a person to make medical decisions for you. This is helpful if you are incapacitated and need medical care.

There are other ways to structure powers of attorney too.

Many people choose their spouse or a close relative to act as their power of attorney.

If you no longer want that person to act on your behalf, you can revoke your power of attorney and pick a new person to list in new documents.

The reason we recommend having the powers of attorney in place is so that you are in control of who makes decisions on your behalf, should you be unable to make those decisions.

If you need help with your power of attorney, we can help.

Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.

We publish vital information every Wednesday and Friday. To get this important information delivered directly to your mailbox,

Contact us today with all your legal needs!

US Industrial Production Unexpectedly Unchanged In February

A report released by the Federal Reserve on Friday showed US industrial production was unexpectedly unchanged in the month of February.

The Fed said industrial production was unchanged in February following a revised 0.3 percent increase in January.

Economists had expected industrial production to rise by 0.2 percent compared to the unchanged reading originally reported for the previous month.

Industrial production came unchanged as a 0.1 percent uptick in manufacturing output and a 0.5 percent advance in utilities output were offset by a 0.6 percent drop in mining output.

Oren Klachkin, Lead US Economist at Oxford Economics, predicted industrial production will lose momentum later this year as the economy suffers a mild recession.

“Industrial output will struggle amid the challenges of weakening domestic demand, frail overseas demand, rising interest rates, and a strong US dollar,” Klachkin said.

“Turmoil in the banking sector corroborates our view that the economy is starting to feel the effects of monetary policy tightening,” he added. “We think more Fed rate hikes in the pipeline, so the risks to the outlook are tilted to the downside.”

The report also said capacity utilization in the industrial sector came in at 78.0 percent in February, unchanged from the revised figure for January.

Economists had expected capacity utilization to inch up to 78.4 percent from the 78.3 percent originally reported for the previous month.

Capacity utilization in the utilities sector crept up to 68.9 percent, while capacity utilization in the manufacturing and mining sectors dipped to 77.6 percent and 87.3 percent, respectively.

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Business News

Can Your EHR Template Land You in Prison?

If your electronic health record (EHR) template is set up incorrectly and leads you to be billed improperly, it could lead to prison time.

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In recent years, we have heard from many of our clients that their compliance plans received less attention than normal due to the pandemic, staffing issues, and other pressing concerns.

However, compliance enforcement is ongoing and it is essential to prioritize your compliance plan.

A Delaware physician was just convicted of a $5 million fraud scheme.

The physician billed Medicare for injections that he did not perform as billed. He billed for injections that he did not own the required equipment necessary to give the injections to patients.

He has not been sentenced, but faces up to 10 years of prison time for each of the 11 counts of fraud.

If you are using an EHR template, you need to make sure that your practice has it set up correctly. If it is not, it might indicate that you are using equipment that you don’t have or performing services that you cannot actually perform.

While that doesn’t appear to be the case with the Delaware physician, we have seen issues with the template leading to inappropriate automated selections and inappropriate billing that needs to be corrected.

Simple oversight or mistakes can lead to billing errors. It is essential that you have a thorough and effective compliance plan in place to find any issues and vulnerabilities, especially as it relates to your EHR.

We help our clients perform necessary functions to avoid fines and potentially prison time.

We often recommend that healthcare entities:

  • Audit their billing and EHR templates,
  • Update their policies and procedures,
  • Train their employees,
  • and ensure that all of their compliance programs are running smoothly.

If you have questions or need help with your compliance program, auditing, or EHR templates, contact Rickard & Associates today.

We know you’re busy. Subscribe to our blog to get updates and news sent directly to your inbox!

We publish vital information on health law topics and news every Wednesday and Friday. To get this important information delivered directly to your mailbox, subscribe today!

Do you need help updating your Business Associate Agreement or negotiating contracts with third-party vendors? We can help. To contact us about your Business Associate Agreement, your vendor contracts or your other legal needs, call us today.

Canada’s transportation supply chains are near breaking point

Susannah Pierce and Murad Al-Katib: 100 days after the task force identified crisis, businesses are still waiting for action from Ottawa

Published January 29, 2023 • Last updated Jan 30, 2023 • 3 minute read

5 Comments

A highway in BC is washed out by flooding. From the global pandemic to the wildfires and flooding in British Columbia, to physical disruptions due to blockades and strikes, Canada's transportation system has suffered severe disruptions.
A highway in BC is washed out by flooding. From the global pandemic to the wildfires and flooding in British Columbia, to physical disruptions due to blockades and strikes, Canada’s transportation system has suffered severe disruptions. Photo by BC Transportation Ministry

Just over a hundred days have now passed since the Supply Chain Task Force’s independent report to the federal government indicated that “Canada’s transportation supply chain is nearing its breaking point.” And even though task forces are typically established to urgently address a problem in need of a solution, Canadian businesses are still waiting on concrete action to improve the transportation infrastructure and supply chains that serve as a cornerstone of our economy.

From the global pandemic to the wildfires and flooding in British Columbia, to physical disruptions due to blockades and strikes, our transportation system has suffered severe disruptions — some preventable and some unavoidable — that have stretched it beyond its limits.

Nearly a quarter of businesses continue to struggle to get the goods they need

The issue has only escalated, and we’ve run out of time. According to the latest Canadian Survey on Business Conditions Report, nearly a quarter of businesses continue to struggle to get the goods they need, putting operations and growth at risk. To position Canada as a strong competitor and reliable trading partner to our allies and grow our economy, the government must join forces with industry stakeholders to address the transportation supply chain crisis.

The path forward is clear.

First, while the government isn’t solely responsible for infrastructure investment, its leadership is critical. A federal commitment to major, strategic, long-term investments is key to building Canada’s trade infrastructure – a crucial consideration as the government deliberates its next budget.

Without serious investment, we risk hindering Canada’s economic growth, competitiveness and international reputation as a reliable partner for business. With the current geopolitical crisis, the world needs more Canada, from the agricultural goods we produce, to energy transported by rail and pipeline to products manufactured in Canada — we can’t accept trade infrastructure that doesn’t have capacity or can reliably transport goods on time.

The government needs to work with businesses to set clear priorities on infrastructure projects that will bring forward measurable economic returns as well as properly triaging projects that will put food on shelves, deliver the goods businesses need to operate and get Canadian products to global markets.

These projects should include safeguarding critical infrastructure that will ensure our supply chains can continue uninterrupted if a primary route is damaged or blocked. Others will expand rail in busy areas as well as increase bridge capacity to reduce congestion and speed up delivery.

Another critical step forward is developing a vision for Canada’s trade corridors.

Because Canada is a trading nation, our trade infrastructure matters. Two out of every three dollars that Canada makes rely on moving goods.

Trade corridors are key to this transportation of goods, and the government must look to work with businesses to develop new gateway strategies, including those for Western, St. Lawrence and Arctic Gateways.

Each corridor strategy would lay out how the government would work with provinces, the private sector, communities and Indigenous peoples to identify the capacity challenges facing our corridor transportation systems and develop a pipeline of actionable solutions.

Finally, the government must accelerate regulatory modernization.

Regulation continues to be a growing concern, with nearly 25 per cent of businesses that trade interprovincially citing red tape, such as different certifications and technical standards, as a major obstacle to doing business within Canada.

Regulatory effectiveness is integral to a competitive environment and requires regulating smarter to attract new economic opportunities to Canada.

Regulatory uncertainty and changing expectations in the regulatory process are a poison pill to those looking to invest billions of dollars developing new pipelines, new mines and other large-scale nation-building infrastructure projects. We need predictable timelines to encourage capital investment. It can’t take a decade to approve infrastructure projects. In this sense, streamlining the regulatory process and adopting strict timelines for approving major infrastructure projects is essential — and long overdue.

An efficient and reliable transportation network inclusive of trade corridors is key to Canada’s economic growth and partnerships with countries in desperate need of stable, reliable trading partners. Without it, we are jeopardizing the success and livelihood of Canadians and their businesses as well as the growth and prosperity of our country and our allies need. We can’t wait another 100 days for meaningful action.

Susannah Pierce is Shell Canada President and Country Chair and VP Emerging Energy Solutions. Murad Al-Katib is the President and Chief Executive Officer for AGT Food and Ingredients. Together they co-chair the Canadian Chamber of Commerce’s Western Executive Council.

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