If anyone is surprised by news that Johnson & Johnson has agreed to put some factories where it makes over-the-counters medicines under strict supervision by the federal government, well, you just haven't been paying attention to the company's persistent trouble meeting basic quality standards.
Oil prices have dropped as traders react to factory closures in Japan and a possible drop in energy demand from the world's third largest oil consumer. The Nikkei ended down 1.7 percent. In Europe, shares of re-insurance companies, which help insurers absorb the cost of big claims (like those tied to natural disasters), plunged. The tsunami is also helping push down U.S. stock prices.
Anyone who tells you that they have a handle on the economic consequences of this event is wrong. There is no way to assess even the direct damage to Japan's economy, or to the global economy, that this will cause...
The latest news about today's massive earthquake in Japan and the tsunami warnings around the Pacific Ocean:
Update at 12:57 p.m. ET: Pressure, Radiation Rise At Nuclear Plant.
The pressure inside one of the Fukushima nuclear power plant's reactors is currently at 1.5 times the amount it was designed to contain, according to Reuters. And according to the Kyodo news agency, radiation levels are also rising.
Residents have been evacuated from nearly a 2-mile radius around the plant.