Biden Says ‘More Coming’ On Drug Pricing After Inflation Fines

WASHINGTON/LAS VEGAS, March 15 (Reuters) - U.S. President Joe Biden on Wednesday said his administration would subject 27 drugs to inflation penalties, a move that will reduce out-of-pocket costs for Medicare recipients by as much as $390 per dose, and he pledged more drug price cuts were coming. Drugmakers hiked the price for 27 drugs…

ByReutersMarch 30, 20230Comments

Business

U.S. FDA Calls For New Regulatory Framework For Use Of Cannabis Compound CBD

Jan 26 (Reuters) - The U.S. Food and Drug Administration said on Thursday it does not intend to make any new guidance on the use of the popular cannabis compound CBD in food and supplements, saying the United States needs to develop a new framework to ensure its safe use. The health regulator said it would work…

ByReutersJanuary 31, 20230Comments

Business

Imperial Oil To Invest $539 Mln In Renewable Diesel Plant In Canada

By Nia Williams and Sourasis Bose Jan 26 (Reuters) - Imperial Oil IMO.TO on Thursday said it will invest C$720 million ($538.64 million) to construct Canada's largest renewable diesel facility at its Strathcona refinery near Edmonton, Alberta. The Calgary-based company said the facility will produce 20,000 barrels per day of renewable diesel and is expected to start production in 2025. Imperial expects regulatory approval for the…

ByReutersJanuary 31, 20230Comments

Economy

World Bank Warns Global Economy Could Easily Tip Into Recession In 2023

WASHINGTON, Jan 10 (Reuters) - The World Bank slashed its 2023 growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies, Russia's war in Ukraine continues, and the world's major economic engines sputter. The development lender said it now expected global GDP growth of 1.7% in 2023 -- the slowest pace outside the 2009 and 2020 recessions in…

ByReutersJanuary 16, 20230Comments

International

Google Warns Android Growth In India Will Stall Due To Antitrust Order

NEW DELHI, Jan 10 (Reuters) - The growth of Google's Android ecosystem is on the brink of stalling in India due to an antitrust order that asks the company to change how it markets the platform, the U.S. company has said in a Supreme Court challenge seen by Reuters. The Competition Commission of India (CCI) in October fined Alphabet…

ByReutersJanuary 12, 20230Comments

Politics

TikTok CEO Seeks To Reassure On EU Rules On Privacy, Child Safety

BRUSSELS, Jan 10 (Reuters) - TikTok Chief Executive Shou Zi Chew on a visit to Brussels on Tuesday sought to reassure the European Union the app would respect the bloc's increasingly stringent tech rules and commitments to privacy and child safety. The short-video app, which is owned by Chinese technology conglomerate ByteDance, has for the last three…

ByReutersJanuary 12, 20230Comments

Business

Coinbase to pay $50 mln to settle NY state investigation, invest $50 mln in compliance

WASHINGTON, Jan 4 (Reuters) - U.S.-based cryptocurrency exchange Coinbase Inc COIN.O has reached a $100 million settlement with New York's Department of Financial Services (DFS), the exchange and the regulator said in statements on Wednesday. The settlement, which includes a $50 million penalty, caps the regulator's investigation into the firm's compliance with requirements to prevent money laundering. The department…

ByReutersJanuary 11, 20230Comments

Markets

US STOCKS- Wall St Ends firmer, Growth Stocks Lead In Thin Trading

Dec 29 (Reuters) - Wall Street's main indexes closed higher on Thursday, led by growth stocks in light trading, as U.S. unemployment data signaled the Federal Reserve's interest rate hikes might be starting to dent labor market strength in its bid to fight inflation. All 11 S&P 500 sector indexes rose, with communication service .SPLRCL and technology .SPLRCT as the biggest…

ByReutersJanuary 3, 20230Comments

Markets

Wall Street Ends Up With Help From Nike, FedEx And Consumer Sentiment

Dec 21 (Reuters) - Wall Street's three main stock indexes closed higher on Wednesday for their biggest daily gains so far in December with help from upbeat Nike NKE.N and FedEx FDX.N quarterly earnings, as well as improving consumer confidence and easing inflation expectations from investors. Nike Inc shares soared 12% after beating profit expectations for its second quarter on strong holiday demand from North American shoppers, while FedEx finished up 3.4% and shares in cruise operator Carnival Corp CCL.N jumped 4.7% after posting a smaller-than-expected quarterly loss.…

ByReutersDecember 27, 20220Comments

Politics

Biden Hits Russia’s Wagner Group With Tough New Export Curbs

WASHINGTON, Dec 21 (Reuters) - The Biden administration on Wednesday unveiled new curbs on technology exports to Russia's Wagner military group, in a bid to further choke off supplies to the contractor over its role in the Russian invasion of Ukraine. The Wagner group, which was added to a trade blacklist in 2017 after Russia annexed Ukraine's…

ByReutersDecember 22, 20220Comments

Reuters

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