Apple juice sold at Walmart in 25 states recalled due to elevated arsenic levels
(NEW YORK) — More than 9,500 cases of 100% apple juice that were sold at Walmart have been recalled due to high levels of arsenic.
The U.S. Food and Drug Administration upgraded the level of the apple juice recall, originally issued on Aug. 15, from unclassified to class 2, which indicates “a situation in which use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences,” but is unlikely to cause “serious adverse health consequences.”
“Product contains inorganic arsenic above action level set in industry guidance (13.2ppb),” meaning parts per billion, the FDA said of the juice.
The agency’s enforcement report stated that 9,535 cases of Great Value brand apple juice sold at Walmart in 25 states, Puerto Rico and the District of Columbia had been voluntarily recalled by the manufacturer Refresco Beverages US Inc.
A representative for Refresco told ABC News in a statement, “We are aware that certain lots of the 100% apple juice we previously manufactured contains inorganic arsenic slightly above the FDA’s 10 ppb (parts per billion) action level in the FDA Final Guidance to Industry on Action Level for Inorganic Arsenic in Apple Juice, which aims at reducing the dietary exposure of contaminants to as low as possible. As a result, impacted products are being voluntarily recalled.”
The statement continued, “At this time there are no reported complaints or incidents of illness caused by the product. Per the FDA, it is not possible to completely prevent arsenic from entering the food supply, yet exposure to high levels of inorganic arsenic can have adverse health effects.”
The representative added that “the safety of consumers and the satisfaction of our customers are our top priorities” and that the company is “working diligently to address the situation.”
Product details of recalled apple juice
The contaminated Great Value beverages in question were sold in six-packs of 8-ounce plastic bottles with the UPC code 0-78742-29655-5.
The recalled apple juice has a “Best if used by” date code of DEC2824 CT89-6.
(NEW YORK) — Concerns about inflation have increasingly turned to concerns about the job market. Last month’s weaker than expected jobs report led to turmoil in stocks.
Expectations are that Friday’s report will show 161,000 jobs added when it’s released at 8:30 a.m.
If jobs come in around expectations it would mean a slowing but steady job market. Some economists are expecting less, around 150,000, pointing out that August data can often come in worse than expected and can be revised later.
Still, a significantly worse-than-expected report could once again lead to concerns that the Fed’s rapid raising of interest rates has hurt the economy and job market more than previously known.
The Fed is on track to cut interest rates at its next meeting announcement on Sept. 18.
Fed Chair Jerome Powell last month said “the time has come” to lower interest rates.
Powell indicated the Fed would soon bring interest rates down from a 23-year high. The shift could lower borrowing costs for everything from credit cards to auto loans to mortgages.
While the unemployment rate remains historically low, it ticked up to 3.8% last month. A sharp downward revision of job growth estimates in June and July lowered those totals by a combined 110,000 jobs.
(NEW YORK) — Sam Bankman-Fried, the founder of bankrupt crypto exchange FTX, was convicted because of a “false narrative” told by federal prosecutors at a trial “tainted” by errors, his attorneys argued in a new court filing Friday to a federal appeals court.
“Fair trial principles were swept away in a ‘Sentence first-verdict afterwards’ tsunami, as everyone rushed to judgment following FTX’s collapse,” defense attorneys wrote in the appeal. “Sam Bankman-Fried was never presumed innocent. He was presumed guilty—before he was even charged.”
Bankman-Fried was found guilty of fraud, conspiracy and money laundering last November after federal prosecutors in New York accused him of orchestrating a scheme that collapsed the crypto-exchange he founded, FTX, and stole $8 billion in customer funds.
He is serving a 25-year prison sentence, which his attorneys called “draconian.”
In Friday’s appeal, defense attorney Alexandra Shapiro attacked the trial judge, Lewis Kaplan, and the U.S. Attorney’s Office for the Southern District of New York, accusing them of lacking objectivity or even-handedness.
“He was presumed guilty by the media. He was presumed guilty by the FTX debtor estate and its lawyers. He was presumed guilty by federal prosecutors eager for quick headlines. And he was presumed guilty by the judge who presided over his trial,” the appeal said.
The U.S. Attorney’s Office declined to comment, but will submit a written reply brief.
The defense asked for a reversal of Bankman-Fried’s conviction and a new trial before a different judge.
Former Alameda Research CEO Caroline Ellison, Bankman-Fried’s ex-girlfriend and a blockbuster witness for the prosecution, is set to be sentenced for her role in the fraud later this month.
(WASHINGTON) — Vice President Kamala Harris has unveiled a comprehensive agenda focused on cooling inflation, but many economists consider the fight against price increases to be nearly finished.
Inflation stands below 3% for the first time since 2021, U.S. government data earlier this month showed. The Federal Reserve is widely expected to cut interest rates at a meeting in September, suggesting that the central bank could retreat from its yearslong battle to slow prices.
Still, consumer prices have climbed more than 20% over the last three years, demoralizing shoppers and straining household budgets. Inflation continues to top lists of voter concerns.
Economists who spoke with ABC News described current price levels as an unfortunate reality that would be nearly impossible to undo, since an outright lowering of prices typically accompanies economic hardship that would require medicine more painful than the ailment.
However, some economists said Harris’ proposals could reduce prices for some essential goods, like food, while slowing inflation for items such as housing that are still seeing rapid price increases. Other economists said the measures amount to a solution for a problem that no longer exists, saying the tardy legislative fixes could stunt economic activity.
“We can’t unwind prices back to a certain place,” Catherine Pakaluk, a professor of economics at the Busch School of Business at Catholic University, told ABC News.
Since overall prices depend on a worldwide tug of war between supply and demand, general cost reductions would demand a significant economic shock to send that balance askew, Pakaluk added.
“All prices are linked together,” Pakaluk said. “We all have a sense, ‘If only we could reset prices back to where they were three years ago.’ But there’s no mechanism for that.”
In response to ABC News’ request for comment, the Harris campaign pointed to a speech that she delivered on Friday.
“When I am elected president, I will make it a top priority to bring down costs and increase economic security for all Americans. As president, I will take on the high costs that matter most to most Americans, like the cost of food,” Harris said.
“We all know that prices went up during the pandemic when the supply chains shut down and failed, but our supply chains have now improved and prices are still too high,” Harris added.
While acknowledging the difficulty of achieving overall price decreases, some economists noted a potential for price reductions in certain industries, especially the food and grocery sector targeted by Harris’ proposals.
Harris points to the market power of large corporations in the grocery industry as a key cause of rapid price increases for food, saying companies use their outsized role to raise prices without fear of a competitor offering a comparable product at a more affordable price. Consumers, the Harris campaign says, are left with nowhere to turn.
“Extreme consolidation in the food industry has led to higher prices that account for a large part of higher grocery bills,” the campaign said in a statement on Friday.
Dan Scheitrum, a professor of agribusiness at California Polytechnic State University, San Luis Obispo, said Harris’ plan to crack down on potential anti-competitive practices within the food sector could end up lowering prices for some household staples.
“If price fixing is taking place and it gets addressed, I expect that could undo some of the price increases,” Scheitrum said.
While general inflation has moderated, price increases for housing remain highly elevated. Housing prices climbed 5.1% over the year ending in July, soaring at a pace more than twice as fast as the overall inflation rate.
The Harris campaign proposed restoring affordability through a combination of boosting home supply and easing the price pressures for some homebuyers.
Economists who spoke with ABC News largely applauded Harris’ efforts to boost the housing supply but offered mixed opinions about a potential $25,000 subsidy for first-time homebuyers.
“We as economists commonly disagree, but the question of housing supply is something we kind of all agree about,” Pakaluk said
On the other hand, a $25,000 subsidy for some homebuyers could allow them to increase their bids and send prices higher, Pakaluk added. “It might have the opposite effect on price than they want,” Pakaluk said.
Peter Morici, a professor emeritus at the University of Maryland’s School of Business, warned against the economic consequences of any attempt to cool prices when they’re well on their way to normal levels.
“The price increases that we’ve seen are very difficult to reverse,” Morici told ABC News. “It can’t be solved, except with draconian measures.”
Other economists indicated that a wide-ranging effort to address inflation could play an important preventative role, safeguarding the economy against a price spike in the event of an emergency, such as another pandemic.
“Even if you’re back to being on budget rather than on edge, you’re still scared. You’ve had a really terrible experience from no fault of your own,” Isabella Weber, an economics professor at the University of Massachusetts Amherst who studies price controls, told ABC News.
“We have to prepare for the next shock,” Weber added.