South Korea is scrapping a security deal with Japan — here’s why it matters

South Korea on Thursday said it will scrap an intelligence sharing agreement with Japan, creating possibly serious consequences for the effective monitoring of North Korea. Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region. One day after the Japanese and Korean foreign ministers met in China to discuss trade and national security, Seoul announced that it isn’t in its “national interests” to maintain the in


South Korea on Thursday said it will scrap an intelligence sharing agreement with Japan, creating possibly serious consequences for the effective monitoring of North Korea. Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region. One day after the Japanese and Korean foreign ministers met in China to discuss trade and national security, Seoul announced that it isn’t in its “national interests” to maintain the in
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Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: grace shao
Keywords: news, cnbc, companies, security, japan, states, deal, united, south, intelligence, korea, trade, important, interests, scrapping, matters, national, heres


South Korea is scrapping a security deal with Japan — here's why it matters

South Korea on Thursday said it will scrap an intelligence sharing agreement with Japan, creating possibly serious consequences for the effective monitoring of North Korea.

Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region. One day after the Japanese and Korean foreign ministers met in China to discuss trade and national security, Seoul announced that it isn’t in its “national interests” to maintain the intelligence pact.

Both the United States and China have stepped in to mediate.

U.S. Secretary of State Mike Pompeo urged the two countries to work out their differences on Thursday, saying “there is no doubt that the shared interests of Japan and South Korea are important, and they’re important to the United States of America. “


Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: grace shao
Keywords: news, cnbc, companies, security, japan, states, deal, united, south, intelligence, korea, trade, important, interests, scrapping, matters, national, heres


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‘A couple of dozen’ states are considering an antitrust probe of Big Tech, says DOJ official

A top antitrust official at the Department of Justice said Tuesday that “a couple of dozen states” are interested in investigating Big Tech for antitrust concerns. A couple of dozen state attorneys general have expressed an interest in the subject matter,” Delrahim said at the Technology Policy Institute’s Aspen Forum. The Justice Department did not name specific companies that were under review, but shares of Amazon, Alphabet and Facebook all slumped immediately following the July announcement.


A top antitrust official at the Department of Justice said Tuesday that “a couple of dozen states” are interested in investigating Big Tech for antitrust concerns. A couple of dozen state attorneys general have expressed an interest in the subject matter,” Delrahim said at the Technology Policy Institute’s Aspen Forum. The Justice Department did not name specific companies that were under review, but shares of Amazon, Alphabet and Facebook all slumped immediately following the July announcement.
‘A couple of dozen’ states are considering an antitrust probe of Big Tech, says DOJ official Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: jesse pound, christina farr
Keywords: news, cnbc, companies, states, delrahim, big, review, department, dozen, considering, technology, doj, general, antitrust, justice, state, official, tech, couple, probe


'A couple of dozen' states are considering an antitrust probe of Big Tech, says DOJ official

U.S. Assistant Attorney General for Antitrust Makan Delrahim testifies before the Senate Judiciary Committee during an oversight hearing on the enforcement of antitrust laws in the Dirksen Senate Office Building on Capitol Hill October 03, 2018 in Washington, DC.

A top antitrust official at the Department of Justice said Tuesday that “a couple of dozen states” are interested in investigating Big Tech for antitrust concerns.

Makan Delrahim, the assistant attorney general for the antitrust division, said a large bipartisan group of state attorneys general spoke to the Justice Department about starting a joint investigation into technology companies.

“I think it’s probably safe to say more than a dozen. A couple of dozen state attorneys general have expressed an interest in the subject matter,” Delrahim said at the Technology Policy Institute’s Aspen Forum.

The Justice Department announced last month that it is opening a review into potential antitrust concerns in the major online platforms, saying the review will “consider the widespread concerns that consumers, businesses, and entrepreneurs have expressed about search, social media, and some retail services online.”

The Justice Department did not name specific companies that were under review, but shares of Amazon, Alphabet and Facebook all slumped immediately following the July announcement. The stocks of all three companies were roughly 1% on Tuesday, along with major market indices.

Delrahim said the Justice Department intends to work together with the states on their probe, adding that cooperation benefits all parties involved. There is not a set timeline for the investigation, Delrahim said.

Major technology companies have drawn scrutiny from federal lawmakers and regulators about how they handle user data and disseminate information. The skepticism has spread to new projects, with Facebook’s proposed cryptocurrency, Libra, receiving pushback from Washington soon after it was announced.

The Wall Street Journal first reported the news of the state effort. It is not clear which states would be part of the investigation.

WATCH: How US antitrust law works and what it means for Big Tech


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: jesse pound, christina farr
Keywords: news, cnbc, companies, states, delrahim, big, review, department, dozen, considering, technology, doj, general, antitrust, justice, state, official, tech, couple, probe


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Big Tech probe by state AGs could come as soon as next month, WSJ says

A state-led antitrust probe of Big Tech firms could come as soon as next month, The Wall Street Journal reported, citing sources familiar with the situation. The state-led effort could “dovetail” with that of the Justice Department, according to the Journal. Justice Department antitrust chief Makan Delrahim said in an interview with CNBC on Tuesday that there has been communication between the department and “a couple of dozen states.” Now, state attorneys general could target an unspecified gro


A state-led antitrust probe of Big Tech firms could come as soon as next month, The Wall Street Journal reported, citing sources familiar with the situation. The state-led effort could “dovetail” with that of the Justice Department, according to the Journal. Justice Department antitrust chief Makan Delrahim said in an interview with CNBC on Tuesday that there has been communication between the department and “a couple of dozen states.” Now, state attorneys general could target an unspecified gro
Big Tech probe by state AGs could come as soon as next month, WSJ says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: lauren feiner
Keywords: news, cnbc, companies, come, ags, big, companies, general, large, attorneys, tech, department, month, antitrust, states, probe, wsj, soon, justice, facebook, state


Big Tech probe by state AGs could come as soon as next month, WSJ says

Mark Zuckerberg, chief executive officer and founder of Facebook Inc. attends the Viva Tech start-up and technology gathering at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France.

A state-led antitrust probe of Big Tech firms could come as soon as next month, The Wall Street Journal reported, citing sources familiar with the situation.

The investigation would put additional pressure on large technology companies that are already facing scrutiny on the federal level. The U.S. Department of Justice announced plans in July to open its own broad antitrust review of Big Tech, though it did not name the companies on which it would focus. The state-led effort could “dovetail” with that of the Justice Department, according to the Journal.

The DOJ declined to comment on the report. Justice Department antitrust chief Makan Delrahim said in an interview with CNBC on Tuesday that there has been communication between the department and “a couple of dozen states.”

News of the DOJ’s investigation came shortly after reports that the agency had divided oversight of four of the country’s largest tech firms with the Federal Trade Commission. Those companies reportedly included Facebook, Google, Apple and Amazon.

Amazon declined to comment. Google referred to economic policy director Adam Cohen’s testimony to Congress last month. “We have helped reduce prices and expand choice for consumers and merchants in the U.S. and around the world,” Cohen said then. “We have created new competition in many sectors, and new competitive pressures often lead to concerns from rivals. We have consistently shown how our business is designed and operated to benefit our customers.”

Representatives from Facebook and Apple did not immediately return a request for comment.

Now, state attorneys general could target an unspecified group of large tech companies with civil investigative demands, similar to subpoenas, according to the Journal.

States had already begun to take matters into their own hands by calling for tougher oversight and enforcement by the DOJ and FTC. In June, attorneys general from 39 states along with the District of Columbia, Guam and Puerto Rico signed a letter to the FTC urging the agency to consider a broad range of factors in determining consumer harm.

In July, AGs from eight states, including New York, Texas, Arizona and Louisiana, met with U.S. Attorney General William Barr to discuss their antitrust concerns about Big Tech, according to Politico. It’s unclear how many states will participate with the joint probe, but one person familiar with the effort told the Journal as many as 20 state attorneys general could join.

The office of North Carolina Attorney General Josh Stein told CNBC in a statement he “is participating in bipartisan conversations about this issue.”

A spokesperson from the office of New York Attorney General Letitia James said in a statement, “we continue to engage in bipartisan conversations about the unchecked power of large tech companies. We must ensure we protect competition, protect our economy, and protect consumers. The Attorneys General involved have concerns over the control of personal data by large tech companies and will hold them accountable for anticompetitive practices that endanger privacy and consumer data.”

In a statement, Mississippi Attorney General Jim Hood said states are addressing antitrust concerns through the recently-formed Tech Industry Working Group.

“I continue to be concerned with the aggregation of data in the hands of a few and am always watchful of any monopoly. As attorneys general, we need to evaluate and address specific conduct, utilizing our existing antitrust and consumer protection laws,” Hood said.

Representatives for attorneys general in D.C., Nebraska and California declined to comment on the report.

Even as some probes begin to reach their conclusions, it’s clear lawmakers and government officials are not ready to stop scrutinizing the rise to power of large technology companies. Last month, on the day that the FTC announced its record $5 billion settlement with Facebook over the company’s privacy policies, Facebook disclosed the agency had launched a new antitrust investigation into its business.

Several lawmakers and regulators, including two of the FTC’s dissenting commissioners, criticized the Facebook ruling as weak. Given that the $5 billion fine represented about 9% of Facebook’s 2018 revenue, Rep. David Cicilline, D-R.I., chairman of the House antitrust subcommittee, called the settlement “a slap on the wrist.”

State attorneys general have played an important role in past antitrust rulings, including the case against Microsoft, which was brought by a coalition of states alongside the Justice Department. The case, which was focused on a single company rather than a broad group, resulted in some concessions from Microsoft to make its software more open to third-party developers.

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Watch: How US antitrust law works, and what it means for Big Tech


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: lauren feiner
Keywords: news, cnbc, companies, come, ags, big, companies, general, large, attorneys, tech, department, month, antitrust, states, probe, wsj, soon, justice, facebook, state


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Mediation between US women’s team and US Soccer fall apart—now the two sides may face off in court

Megan Rapinoe #15 of the United States the United States international friendly match against Ireland at the Rose Bowl on August 3, 2019 in Pasadena, California. The United States won the match 3-0. In the midst of a five-game victory tour following their World Cup win, the U.S. Women’s National Soccer Team (USWNT) is also preparing for the 2020 Olympics and engaged in a heated legal battle with the U.S. Soccer Federation (USSF) for equal pay. Now, representatives for the team say they have left


Megan Rapinoe #15 of the United States the United States international friendly match against Ireland at the Rose Bowl on August 3, 2019 in Pasadena, California. The United States won the match 3-0. In the midst of a five-game victory tour following their World Cup win, the U.S. Women’s National Soccer Team (USWNT) is also preparing for the 2020 Olympics and engaged in a heated legal battle with the U.S. Soccer Federation (USSF) for equal pay. Now, representatives for the team say they have left
Mediation between US women’s team and US Soccer fall apart—now the two sides may face off in court Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: abigail hess
Keywords: news, cnbc, companies, states, team, uswnt, womens, court, players, ussf, mediation, soccer, equal, representatives, sides, united, apartnow, fall, face


Mediation between US women's team and US Soccer fall apart—now the two sides may face off in court

Megan Rapinoe #15 of the United States the United States international friendly match against Ireland at the Rose Bowl on August 3, 2019 in Pasadena, California. The United States won the match 3-0.

In the midst of a five-game victory tour following their World Cup win, the U.S. Women’s National Soccer Team (USWNT) is also preparing for the 2020 Olympics and engaged in a heated legal battle with the U.S. Soccer Federation (USSF) for equal pay. Now, representatives for the team say they have left a mediation process meant to avoid an appearance in federal court. “We entered this week’s mediation with representatives of USSF full of hope. Today, we must conclude these meetings sorely disappointed in the Federation’s determination to perpetuate fundamentally discriminatory workplace conditions and behavior,” Molly Levinson, a spokesperson for the USWNT says in a statement shared with CNBC Make It. “It is clear that USSF, including its Board of Directors and President Carlos Cordeiro, fully intend to continue to compensate women players less than men. They will not succeed. We want all of our fans, sponsors, peers around the world, and women everywhere to know we are undaunted and will eagerly look forward to a jury trial.”

The USWNT observe a moment of silence prior to the United States international friendly match against Ireland at the Rose Bowl on August 3, 2019 in Pasadena, California. The United States won the match 3-0. Shaun Clark/Getty Images

According to The New York Times, representatives agreed to meet in secret in New York this week for mediation sessions that “were to be the most substantive face-to-face discussions between the team and the federation about equal pay and other workplace issues since they hammered out the details of the players’ current collective bargaining agreement in April 2017. ” After saying it would make no statements to the media about mediation, U.S. Soccer responded within hours, according to the Times, with its own statement. “We have said numerous times that our goal is to find a resolution, and during mediation we had hoped we would be able to address the issues in a respectful manner and reach an agreement,” U.S. Soccer said. “Unfortunately, instead of allowing mediation to proceed in a considerate manner, plaintiffs’ counsel took an aggressive and ultimately unproductive approach that follows months of presenting misleading information to the public in an effort to perpetuate confusion.” The volley is just the most recent in a dispute that has spanned years. In 2016, five U.S. women’s players filed a discrimination complaint with the Equal Employment Opportunity Commission (EEOC), and in March, 28 members of the U.S. Women’s National Soccer Team filed a lawsuit against the U.S. Soccer Federation for gender discrimination and unequal pay. But in June, sources confirmed that the team “tentatively” agreed to enter mediation with USSF after the World Cup ended, and as recently as Monday, the team felt optimistic about the mediation process. “In the coming days, we will sit down with representatives of USSF to discuss equal pay and equal working conditions, and we are full of hope. We believe that this conversation with USSF is a singular opportunity to resolve our differences and to move forward together, unified,” read a letter signed by USWNT players on August 12th.


Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: abigail hess
Keywords: news, cnbc, companies, states, team, uswnt, womens, court, players, ussf, mediation, soccer, equal, representatives, sides, united, apartnow, fall, face


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Bill Gates learned how to make BBQ chicken from Washington state’s Teacher of the Year

The two made BBQ chicken and talked about how Hand prepares his students for adult life. But Gates had the opportunity to pick up some new skills recently when he spent time with Robert Hand, Washington state’s Teacher of the Year. Hand teaches family and consumer science — what was once referred to as “home economics” — at Mount Vernon High School in Mount Vernon, Washington. He teaches two classes, Beginning Foods and Life After High School, and leads the school’s teacher prep program. “If we


The two made BBQ chicken and talked about how Hand prepares his students for adult life. But Gates had the opportunity to pick up some new skills recently when he spent time with Robert Hand, Washington state’s Teacher of the Year. Hand teaches family and consumer science — what was once referred to as “home economics” — at Mount Vernon High School in Mount Vernon, Washington. He teaches two classes, Beginning Foods and Life After High School, and leads the school’s teacher prep program. “If we
Bill Gates learned how to make BBQ chicken from Washington state’s Teacher of the Year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: abigail hess
Keywords: news, cnbc, companies, states, chicken, teacher, washington, bbq, life, learned, bill, hand, gates, school, skills, teaching, teaches, students, vernon, high


Bill Gates learned how to make BBQ chicken from Washington state's Teacher of the Year

“You’ve got a very entry-level student here,” Gates told Hand, as the teacher showed him how to prepare BBQ using a whole bird — legs, wings and thighs — to keep costs down.

The two made BBQ chicken and talked about how Hand prepares his students for adult life.

But Gates had the opportunity to pick up some new skills recently when he spent time with Robert Hand, Washington state’s Teacher of the Year. Hand teaches family and consumer science — what was once referred to as “home economics” — at Mount Vernon High School in Mount Vernon, Washington. He teaches two classes, Beginning Foods and Life After High School, and leads the school’s teacher prep program.

He is not, however, a chef — or even confident in the kitchen. “I never really learned how to cook,” Gates wrote in a recent blog post . “It just wasn’t something I was taught growing up.”

But the chicken recipe aside, it was Hand’s experience teaching “Life After High School,” a course where high school seniors learn practical life skills like writing resumes and cover letters, applying and interviewing for jobs, personal budgeting, securing a loan and paying taxes, that Gates was most interested in learning about.

“We always start with career preparation. We talk about filling out applications, how to be professional and to put your best foot forward, writing resumes and cover letters. I teach them interview skills,” said Hand. “Then we kind of transition from that to like, well, let’s assume you got the job. Now, you’re going to have a paycheck, so we talk about how to balance a budget so that you’re meeting your life goals with what your budget is.”

Approximately 60% of Mount Vernon students come from low-income families, so Hand also maintains a stocked food pantry for hungry students and takes students to a local thrift store to buy suits for job interviews.

“I think students are thirsty for knowledge and love in equal parts, so I ask myself every day, ‘Is what I’m doing today going to make students feel welcome and loved,?” said Hand. “Because teaching is hard, but growing up is harder.”

This practice of teaching practical life skills with empathy stood out to Gates.

“It takes a special kind of educator to get kids excited about filing their taxes! The skills he teaches are essential for any student, whether they plan on going to college, vocational school, or straight into the workforce,” writes Gates. “If we want to give our kids the best chance possible to succeed after high school, we need more amazing teachers like Robert.”

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Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: abigail hess
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Yen up as markets dismiss Trump’s trade concession, Chinese data disappoints

The yen rose on Wednesday as weaker-than-expected Chinese economic data reinforced the view that resolving the trade war was a long way off even if U.S. President Donald Trump had delayed some additional tariffs. The onshore yuan rose against the dollar, taking its cue from a stronger fixing. The dollar fell 0.41% to 106.31 yen in Asia. The Australian dollar slipped 0.6% to 72.10 yen, while the New Zealand dollar fell 0.5% to 71.77 yen. Against the offshore yuan, the dollar rose 0.5% to 7.0405 y


The yen rose on Wednesday as weaker-than-expected Chinese economic data reinforced the view that resolving the trade war was a long way off even if U.S. President Donald Trump had delayed some additional tariffs. The onshore yuan rose against the dollar, taking its cue from a stronger fixing. The dollar fell 0.41% to 106.31 yen in Asia. The Australian dollar slipped 0.6% to 72.10 yen, while the New Zealand dollar fell 0.5% to 71.77 yen. Against the offshore yuan, the dollar rose 0.5% to 7.0405 y
Yen up as markets dismiss Trump’s trade concession, Chinese data disappoints Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14
Keywords: news, cnbc, companies, rose, yen, dismiss, yuan, markets, disappoints, dollar, united, states, data, protesters, concession, chinese, fell, trade, trumps


Yen up as markets dismiss Trump's trade concession, Chinese data disappoints

The yen rose on Wednesday as weaker-than-expected Chinese economic data reinforced the view that resolving the trade war was a long way off even if U.S. President Donald Trump had delayed some additional tariffs.

The offshore yuan remained lower against the dollar after China’s closely watched industrial output rose in July at the slowest pace in more than 17 years. The onshore yuan rose against the dollar, taking its cue from a stronger fixing.

News the United States would delay some tariffs supported Asian stocks, but optimism in the currency market quickly faded on broader concerns there are no quick solutions to the trade row, which economists say is dragging on China’s economy and threatening global growth.

Increasingly violent clashes between protesters and police in Hong Kong, worries about Britain’s exit from the European Union, and Middle East tensions mean risk aversion could quickly flare up again and roil major currencies.

“If we think only about the United States and China, there could be more room for dollar gains and yen losses, but this does not mean trade frictions have been resolved,” said Tohru Sasaki, head of Japan markets research at JP Morgan Securities in Tokyo.

“There are still a lot of geopolitical risks, such as Hong Kong, Brexit, and the Iranian situation. I don’t expect significant (risk-on) moves.”

The dollar fell 0.41% to 106.31 yen in Asia.

The Australian dollar slipped 0.6% to 72.10 yen, while the New Zealand dollar fell 0.5% to 71.77 yen.

Against the offshore yuan, the dollar rose 0.5% to 7.0405 yuan. However, in the onshore market, the yuan opened at 7.0240 per dollar, stronger than its previous close at 7.0558.

On Tuesday, U.S. President Donald Trump backed off of his Sept. 1 deadline for 10% tariffs on remaining Chinese imports, delaying duties on cellphones, laptops and other consumer goods, in the hopes of blunting their impact on U.S. holiday sales.

Still, trade negotiations between the United States and China have progressed in fits and starts, so many investors and analysts have scaled back expectations for a resolution in the near term.

China’s industrial output rose 4.8% in July from a year earlier, which was below the median estimate for a 5.8% year-on-year increase and marked the slowest growth since February 2002, data showed on Wednesday.

Retail sales and fixed-asset investment in July also grew less than forecast, highlighting concerns the trade war is damaging the health of the world’s second-largest economy.

The dollar index, measuring the greenback against a basket of six currencies, was little changed at 97.755 after jumping 0.4% on Tuesday.

Hong Kong’s airport resumed operations on Wednesday, rescheduling hundreds of flights that had been disrupted this week as protesters clashed with riot police in a deepening crisis in the Chinese-controlled city.

Ten weeks of increasingly violent clashes between police and pro-democracy protesters, angered by a perceived erosion of freedoms, have plunged the Asian financial hub into its worst crisis since it came under Chinese rule from Britain in 1997.

The euro was unchanged at $1.1152, but fell 0.43% to 118.76 yen.

European data on consumer prices and GDP is due from Europe later on Wednesday and could shape the near-term direction of the common currency.

Sterling was little changed at $1.2065, but remained within striking distance of $1.2015, the lowest level since January 2017.

Britain will release consumer price data later on Wednesday, but uncertainty about how Britain will exit the European Union has clouded the outlook for the Bank of England’s monetary policy.


Company: cnbc, Activity: cnbc, Date: 2019-08-14
Keywords: news, cnbc, companies, rose, yen, dismiss, yuan, markets, disappoints, dollar, united, states, data, protesters, concession, chinese, fell, trade, trumps


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Bernie Sanders, Elijah Cummings accuse drugmakers Mylan and Teva of ‘coordinated obstruction’

U.S. lawmakers on Wednesday accused three major pharmaceutical companies of “coordinated obstruction” and “apparent efforts to stonewall” an investigation on generic drug prices launched in 2014. Chairman of the House Committee on Oversight, Elijah Cummings, D-Md., along with Sen. Bernie Sanders, I-Vt., sent letters to Mylan, Teva Pharmaceutical and Heritage Pharmaceuticals asking them to turn over documents, according to a joint statement Wednesday. Shares of Mylan and Teva Pharmaceutical were


U.S. lawmakers on Wednesday accused three major pharmaceutical companies of “coordinated obstruction” and “apparent efforts to stonewall” an investigation on generic drug prices launched in 2014. Chairman of the House Committee on Oversight, Elijah Cummings, D-Md., along with Sen. Bernie Sanders, I-Vt., sent letters to Mylan, Teva Pharmaceutical and Heritage Pharmaceuticals asking them to turn over documents, according to a joint statement Wednesday. Shares of Mylan and Teva Pharmaceutical were
Bernie Sanders, Elijah Cummings accuse drugmakers Mylan and Teva of ‘coordinated obstruction’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, bernie, accuse, drug, elijah, investigation, drugmakers, teva, cummings, prices, obstruction, statement, states, mylan, sanders, coordinated, pharmaceutical


Bernie Sanders, Elijah Cummings accuse drugmakers Mylan and Teva of 'coordinated obstruction'

U.S. lawmakers on Wednesday accused three major pharmaceutical companies of “coordinated obstruction” and “apparent efforts to stonewall” an investigation on generic drug prices launched in 2014.

Chairman of the House Committee on Oversight, Elijah Cummings, D-Md., along with Sen. Bernie Sanders, I-Vt., sent letters to Mylan, Teva Pharmaceutical and Heritage Pharmaceuticals asking them to turn over documents, according to a joint statement Wednesday.

The lawmakers said they decided to open an investigation following findings in a lawsuit filed by 44 states in May that accused the drugmakers and others of inflating drug prices and stifling competition for generic drug versions.

“Not only did your company’s apparent obstruction undermine our investigation, but it may have caused further harm to patients and health care providers by delaying the discovery of evidence about the companies’ price-fixing,” Cummings and Sanders wrote in each of the letters, dated August 13.

Shares of Mylan and Teva Pharmaceutical were each down roughly 8% on Wednesday.

A spokesperson for Mylan said the company, with the help of outside counsel, is investigation the allegations made in the states’ lawsuit.

“We have not found any evidence to corroborate the allegations. We are prepared to make our case in a court of law and are confident that the civil case against Mylan and its employees is meritless,” Mylan spokeswoman Lauren Kashtan said in a statement. Mylan denied it obstructed the 2014 congressional inquiry.

Teva did not immediately respond to CNBC’s request for comment.

Democrats, who regained control of the House this year, listed lowering prescription drug costs among their top priorities. Cummings, along with Sanders and Rep. Ro Khanna, D-Ca., introduced three bills earlier this year aimed at lowering drug costs.

Spending on prescription drugs in the U.S. increased 0.4% in 2017 to $333.4 billion, according to the latest data from the Centers for Medicare and Medicaid Services.


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, bernie, accuse, drug, elijah, investigation, drugmakers, teva, cummings, prices, obstruction, statement, states, mylan, sanders, coordinated, pharmaceutical


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Oil soars 4% on easing US-China trade tensions

Oil prices rose almost 5% on Tuesday after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled the market in recent months. “The U.S.-China trade war has caused energy demand growth to take a big hit. The Chinese Ministry of Commerce said in a statement on Tuesday that U.S. and Chinese trade officials spoke on the phone and agreed to talk again within two weeks. OPEC and its allies, known as OPEC+, hav


Oil prices rose almost 5% on Tuesday after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled the market in recent months. “The U.S.-China trade war has caused energy demand growth to take a big hit. The Chinese Ministry of Commerce said in a statement on Tuesday that U.S. and Chinese trade officials spoke on the phone and agreed to talk again within two weeks. OPEC and its allies, known as OPEC+, hav
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Company: cnbc, Activity: cnbc, Date: 2019-08-13
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Oil soars 4% on easing US-China trade tensions

Oil prices rose almost 5% on Tuesday after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled the market in recent months.

The Chinese products include laptops and cellphones. The tariffs had been scheduled to start next month.

“The U.S.-China trade war has caused energy demand growth to take a big hit. Any glimmer of hope revives the prospects for a more positive demand landscape,” said John Kilduff, partner at energy hedge fund Again Capital Management in New York.

Brent futures were up 4.5%, at $61.20 a barrel, while U.S. West Texas Intermediate (WTI) crude was up 4%, at $57.10.

That put Brent futures on track for their biggest daily percentage gain since December.

The Chinese Ministry of Commerce said in a statement on Tuesday that U.S. and Chinese trade officials spoke on the phone and agreed to talk again within two weeks.

“The possibility that the United States and China can get the trade talks on track … is raising hopes that they might actually get some type of deal,” said Phil Flynn, analyst at Price Futures Group in Chicago.

“That’s why we are seeing this big rebound in prices,” Flynn said.

Before the U.S. announcement about the tariff delay, Brent futures were still trading about 20% below the 2019 high they hit in April.

Oil prices seesawed earlier in the day, caught between demand worries and rising global supplies and expectations for deeper production cuts from leading producers.

U.S. oil output from seven major shale formations was expected to rise by 85,000 barrels per day (bpd) in September to a record 8.77 million bpd, the Energy Information Administration forecast in a report.

Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), last week said it planned to keep its crude exports below 7 million bpd in August and September to help drain global oil inventories.

“Saudi Arabia and its Gulf allies standing firm on their commitment to the OPEC+ output-cut agreement has supported prices,” said Abhishek Kumar, head of analytics at Interfax Energy in London.

OPEC and its allies, known as OPEC+, have agreed to cut 1.2 million bpd of production since Jan. 1.

In the United States, meanwhile, analysts forecast crude stockpiles fell by 2.8 million barrels last week, according to a Reuters poll.

“If we get the drawdown in (U.S.) inventory that most people are looking for, that is going to get the market a lot tighter,” said Flynn at Price Futures.

The American Petroleum Institute (API), an industry group, was due to release its inventory report at 4:30 p.m. EDT (2030 GMT) on Tuesday, followed by U.S. government data on Wednesday morning.


Company: cnbc, Activity: cnbc, Date: 2019-08-13
Keywords: news, cnbc, companies, states, prices, united, oil, soars, opec, chinese, uschina, trade, easing, million, tensions, bpd, energy, futures


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Skeptical about a US-UK trade deal, strategist says

Skeptical about a US-UK trade deal, strategist says3 Hours AgoAndrew Sheets, chief cross-asset strategist at Morgan Stanley, outlines the obstacles and limitations that could prohibit a trade deal between the U.K. and the United States.


Skeptical about a US-UK trade deal, strategist says3 Hours AgoAndrew Sheets, chief cross-asset strategist at Morgan Stanley, outlines the obstacles and limitations that could prohibit a trade deal between the U.K. and the United States.
Skeptical about a US-UK trade deal, strategist says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-09
Keywords: news, cnbc, companies, states, usuk, skeptical, uk, united, stanley, trade, sheets, deal, strategist


Skeptical about a US-UK trade deal, strategist says

Skeptical about a US-UK trade deal, strategist says

3 Hours Ago

Andrew Sheets, chief cross-asset strategist at Morgan Stanley, outlines the obstacles and limitations that could prohibit a trade deal between the U.K. and the United States.


Company: cnbc, Activity: cnbc, Date: 2019-08-09
Keywords: news, cnbc, companies, states, usuk, skeptical, uk, united, stanley, trade, sheets, deal, strategist


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Arizona Tea maker enters the cannabis market

Marijuana products will soon hit the masses, as the maker of Arizona Tea enters the cannabis market, starting with vape pens and THC-infused gummies. The deal also gives Arizona the right to buy a stake of up to $10 million in the cannabis company. The agreement is one of the first examples of a major consumer company entering the cannabis market. “The cannabis category is an ideal space to bring the flavor and fun of AriZona into new and exciting products.” However, as a private company, Arizon


Marijuana products will soon hit the masses, as the maker of Arizona Tea enters the cannabis market, starting with vape pens and THC-infused gummies. The deal also gives Arizona the right to buy a stake of up to $10 million in the cannabis company. The agreement is one of the first examples of a major consumer company entering the cannabis market. “The cannabis category is an ideal space to bring the flavor and fun of AriZona into new and exciting products.” However, as a private company, Arizon
Arizona Tea maker enters the cannabis market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-07  Authors: jasmine wu
Keywords: news, cnbc, companies, sold, brands, cannabis, arizona, states, space, products, stake, market, marijuana, tea, company, enters, maker


Arizona Tea maker enters the cannabis market

Marijuana products will soon hit the masses, as the maker of Arizona Tea enters the cannabis market, starting with vape pens and THC-infused gummies.

Privately held Arizona Beverage announced Tuesday that it reached a licensing deal with Dixie Brands, which makes and sells drinks, chocolates, gummies and topical creams that are laced with marijuana. Through the partnership, Dixie, which operates in six U.S. states, will manufacture and distribute products branded with Arizona’s name. The products will be sold through licensed dispensaries.

The deal also gives Arizona the right to buy a stake of up to $10 million in the cannabis company.

Arizona Beverage’s namesake iced teas are a staple at convenience stores and supermarkets around the country, including 7/11s, Walmarts, and Walgreens, which might indicate marijuana products are edging closer to the mainstream. The agreement is one of the first examples of a major consumer company entering the cannabis market.

“The cannabis market is an important emerging category, and we’ve maintained our independence as a private business to be positioned to lead and seize generation-defining opportunities exactly like this one,” said Don Vultaggio, chairman of Arizona Beverages in a press release. “The cannabis category is an ideal space to bring the flavor and fun of AriZona into new and exciting products.”

Other beverage brands have also been dipping their toes into the marijuana space. In 2017, Corona beer maker Constellation Brands announced a near 10% stake in Canopy Growth Corporation, the world’s largest publicly traded cannabis company, and it increased the investment last year by $4 billion. California-based Lagunitas Brewing, owned by Heineken, also launched cannabis-infused sparkling water to be sold in select California locations.

However, as a private company, Arizona may have more leeway to take this step. Although marijuana is legal for recreational use in 11 states and for medical use in more than 30 states, it remains prohibited by federal law. This means it can’t be transported across state lines. Profits from marijuana sales also can be restricted from banks.


Company: cnbc, Activity: cnbc, Date: 2019-08-07  Authors: jasmine wu
Keywords: news, cnbc, companies, sold, brands, cannabis, arizona, states, space, products, stake, market, marijuana, tea, company, enters, maker


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