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FDA takes action: U.S. regulators on Wednesday banned the dye called Red 3 from the nation’s food supply, nearly 35 years after it was barred from cosmetics because of potential cancer risk. Food and Drug Administration officials granted a 2022 petition filed by two dozen food safety and health advocates, who urged the agency to revoke authorization for the substance that gives some candies, snack cakes and maraschino cherries a bright red hue. Read more from The Associated Press.
Monopoly alleged: The Federal Trade Commission has sued agricultural equipment giant Deere & Company, arguing it holds a monopoly on repair services that raises costs and creates delays for farmers, the agency announced Wednesday. The lawsuit alleges Deere has for decades hindered customers’ ability to repair their equipment, including tractors and combines, forcing them to rely on the company’s network of authorized repair providers. Read more from CNBC.
A big year: The four giant lenders that reported full-year results Wednesday notched their second-most profitable year ever in 2024, trailing only Joe Biden’s first year as president. JPMorgan Chase & Co. became the first bank in U.S. history to top $50 billion in annual profit. At Citigroup Inc., three of its five main segments—wealth, U.S. personal banking and services—posted record revenue for the year. Read more from Bloomberg. A subscription may be needed.
