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.
Real estate agent and property developer JSL Construction & Development Co (愛山林) led the average compensation rankings among companies listed on the Taiwan Stock Exchange (TWSE) last year, while contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) finished 14th. JSL Construction paid its employees total average compensation of NT$4.78 million (US$159,701), down 13.5 percent from a year earlier, but still ahead of the most profitable listed tech giants, including TSMC, TWSE data showed. Last year, the average compensation (which includes salary, overtime, bonuses and allowances) paid by TSMC rose 21.6 percent to reach about NT$3.33 million, lifting its ranking by 10 notches
Popular vape brands such as Geek Bar might get more expensive in the US — if you can find them at all. Shipments of vapes from China to the US ground to a near halt last month from a year ago, official data showed, hit by US President Donald Trump’s tariffs and a crackdown on unauthorized e-cigarettes in the world’s biggest market for smoking alternatives. That includes Geek Bar, a brand of flavored vapes that is not authorized to sell in the US, but which had been widely available due to porous import controls. One retailer, who asked not to be named, because
SEASONAL WEAKNESS: The combined revenue of the top 10 foundries fell 5.4%, but rush orders and China’s subsidies partially offset slowing demand Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) further solidified its dominance in the global wafer foundry business in the first quarter of this year, remaining far ahead of its closest rival, Samsung Electronics Co, TrendForce Corp (集邦科技) said yesterday. TSMC posted US$25.52 billion in sales in the January-to-March period, down 5 percent from the previous quarter, but its market share rose from 67.1 percent the previous quarter to 67.6 percent, TrendForce said in a report. While smartphone-related wafer shipments declined in the first quarter due to seasonal factors, solid demand for artificial intelligence (AI) and high-performance computing (HPC) devices and urgent TV-related orders
MINERAL DIPLOMACY: The Chinese commerce ministry said it approved applications for the export of rare earths in a move that could help ease US-China trade tensions Chinese Vice Premier He Lifeng (何立峰) is today to meet a US delegation for talks in the UK, Beijing announced on Saturday amid a fragile truce in the trade dispute between the two powers. He is to visit the UK from yesterday to Friday at the invitation of the British government, the Chinese Ministry of Foreign Affairs said in a statement. He and US representatives are to cochair the first meeting of the US-China economic and trade consultation mechanism, it said. US President Donald Trump on Friday announced that a new round of trade talks with China would start in London beginning today,
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