Mylan to settle for US$465m
Mylan NV is to pay US$465 million to settle allegations that it overbilled the US Medicaid program for its life-saving EpiPen allergy injection. The US government said EpiPen is a branded drug, which means Mylan should have been paying it a far higher rebate under the government’s complex pricing rules. Mylan on Friday said the proposed settlement resolves all potential federal and state government claims. It also finds no wrongdoing on the part of the UK-based company.
Job growth misses forecast
The economy added a weaker-than-expected 156,000 jobs last month after strong job creation in the summer months, according to Department of Labor data released on Friday. The unemployment rate, closely watched by monetary policymakers, also nudged upward by 0.1 percentage points to 5 percent, with 7.9 million people counted as unemployed. The labor force participation rate also changed little, moving up 0.1 percentage points to 62.9 percent.
Growth to slow after spike
The economy is to grow faster than expected this year before slowing next year and in 2018, the government said on Friday, as pressure mounts for Europe’s top economy to invest more. GDP is to increase by 1.8 percent this year before slowing to 1.4 percent growth next year and 1.6 percent in 2018, Minister for Economic Affairs and Energy Sigmar Gabriel said.
UK to sell stake in Lloyds
The British government is to restart selling down its ￡3.6 billion (US$4.48 billion) stake in Lloyds Banking Group PLC, the body set up to manage the process said on Friday, after it was delayed following the vote to leave the EU. UK Financial Investments Ltd, which manages the government’s stakes in the banks, said it has recommended scrapping plans to sell the remaining stake via a discounted public sell-off. The government owns about 6.5 billion ordinary shares in Lloyds, which represents about 9 percent of the bank’s shares.
Facebook releases Events
Facebook Inc on Friday released a mobile app for finding local happenings to enjoy with friends. The Events app tailored for iPhones hit Apple Inc’s App Store, with a version “coming soon” for smartphones powered by Google-backed Android software, Facebook product manager Aditya Koolwal said in an online post. The Events app lets people browse for happenings based on factors such as location or interest, and to explore potential outing options with the help of interactive maps.
Workers to end bank strike
Brazilian bank workers have returned to their jobs, ending the longest nationwide strike of its kind in 12 years. The National Confederation of Bank Workers said that workers at private banks and state-run Banco do Brasil SA on Thursday night agreed to return to work after accepting the National Banking Federation’s proposal of an 8 percent wage increase and a bonus of about US$1,100. However, workers at state-run Caixa Economica Federal refused the offer and are to remain on strike.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion
MediaTek Inc (聯發科) has hired a former US Department of Commerce official to help it navigate worsening US-China tensions that have already ensnared its customer Huawei Technologies Co (華為). Patrick Wilson, who most recently served as director of the department’s Office of Business Liaison, has been appointed vice president of government affairs at MediaTek USA to lead its public policy initiatives, the chip designer said in a draft press statement seen by Bloomberg News. Wilson previously worked at the Semiconductor Industry Association, where he led the trade group’s dealings with the US federal government. Technology companies with ties to or operations in China