Sun, Oct 09, 2016 - Page 16 News List

World Business Quick Take

Agencies

PHARMACEUTICALS

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.

UNITED STATES

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.

GERMANY

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.

BANKING

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.

INTERNET

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.

BANKING

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.

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