Asian stocks sink ahead of Trump-Xi meeting at G-20 summit
BEIJING (AP) — Major Asian stock markets fell today as traders looked ahead to a meeting between the American and Chinese presidents amid hopes for renewed trade talks.
Benchmarks in Tokyo, Shanghai, Hong Kong, Seoul and Sydney declined.
Traders looked ahead to a planned meeting between Presidents Donald Trump and Xi Jinping at this week’s Group of 20 meeting of major economies in Japan. Forecasters expect the leaders to reassure financial markets by agreeing to revive trade talks without a timeline or committing to any details.
BOSTON (AP) — A lawsuit says representatives of some of the nation’s largest generic drug manufacturers used code words to collude with competitors to divvy up market share and coordinate price increases.
The code came in emails included in the lawsuit filed last month by attorneys general from more than 40 states. The 510-page federal lawsuit was released in full Monday.
The lawsuit says the representatives used phrases like “playing nice in the sandbox” and “fluff pricing” in emails to one another.
Democratic Connecticut Attorney General William Tong says the goal was to artificially inflate prices, hinder competition and restrain trade.
A representative for Teva (TEH’-vuh) Pharmaceuticals, one of the firms named in the suit, did not immediately return an email seeking comment.
Oklahoma judge signs state’s $85M settlement with drugmaker
OKLAHOMA CITY (AP) — A judge in Oklahoma has signed off on the state’s $85 million settlement with Israeli-owned Teva Pharmaceuticals on Monday following a squabble between the attorney general, Legislature and governor over how the deal was structured.
Cleveland County District Judge Thad Balkman signed the agreement calling for the funds to be used to help abate the state’s opioid crisis.
Under the deal, Teva admits to no wrongdoing and agrees not promote opioids in Oklahoma. The company also agrees to help law enforcement investigate cases of opioid drug diversion or other criminal activity.
Oklahoma Attorney General Mike Hunter Oklahoma Attorney General Mike Hunter issued a statement saying, “The resources and terms of the agreement will help abate the ongoing crisis the state is facing, help prevent doctors and Oklahomans from being misled by marketing materials and provides law enforcement with another investigative tool to help us shut down pill mills and illicit enterprises.”
^ELECTION 2020-INSLEE-FOSSIL FUELS
Jay Inslee: End government partnership with fossil fuels
UNDATED (AP) _ Democratic presidential candidate Jay Inslee is proposing a clean break between the federal government and the fossil fuel industry, ending tax breaks for oil companies and banning all drilling and extraction on federal lands and beneath federal waters.
It’s the latest proposal stemming from Inslee’s emphasis on combating the global climate crisis. The Washington governor is building his 2020 campaign around climate action, arguing he’s the only Democrat in a large field pledging to make the issue the federal government’s top priority.
Inslee acknowledges the sway fossil fuels hold in Washington, evident in the billions of dollars in tax subsidies that Inslee and other Democratic candidates want to scrap. But the governor says a fundamental shift in the U.S. economic and political structure is the only way to reduce carbon pollution quickly enough to curb the effects of a warming planet.
Inslee, who launched his campaign in March, already has called for the nation’s entire electrical grid and all new vehicles and buildings to be carbon pollution free by 2030, with an overall net-zero emissions economy by 2045.
^TREASURY-HARRIET TUBMAN BILL
Treasury’s watchdog to look into Tubman bill delay
WASHINGTON (AP) _ The U.S. Treasury’s watchdog says it will look into why the redesign of the $20 bill featuring Harriet Tubman was delayed.
The Office of the Inspector General said in a letter on Friday to Sen. Chuck Schumer, D-N.Y., that it will consider the matter as part of another audit that is about to begin. The Senate minority leader had asked the inspector general’s office to investigate the circumstances surrounding the decision to delay the redesign “including any involvement by the White House.”
The redesign was initially scheduled for 2020. But Treasury Secretary Steven Mnuchin said last month that it would be delayed so the $10 bill and the $50 bill could be redesigned first for security reasons to make it harder for the bills to be counterfeited.
FedEx sues to block enforcement of export regulations
WASHINGTON (AP) — FedEx is suing the United States government over export rules it says are virtually impossible to follow because it handles millions of packages a day.
The delivery company says most packages are sealed when customers drop them off. It compares names and addresses of shippers and recipients against a government list of groups and people who could be national security risks.
Memphis, Tennessee-based FedEx sued the Commerce Department and Commerce Secretary Wilbur Ross on Monday in federal court in Washington.
The department said in a statement it has not reviewed the complaint but looks forward to “defending our role in protecting U.S. national security.”
Last year, FedEx paid $500,000 to settle government allegations that it violated export rules in handling some shipments to flagged entities in France and Pakistan.
SpaceX launches hefty rocket with 24 satellites
CAPE CANAVERAL, Fla. (AP) — SpaceX has launched its heftiest rocket with 24 research satellites.
The middle-of-the-night rideshare features a deep space atomic clock, solar sail, clean and green rocket fuel, and even human ashes, including an astronaut’s.
The Falcon Heavy rocket blasted off from NASA’s Kennedy Space Center in Florida this morning at 2:30. It was the third flight of a Falcon Heavy, but the first ordered up by the military.
The Defense Department mission is expected to provide data to certify the Falcon Heavy — and reused boosters — for future national security launches. It was the military’s first ride on a recycled rocket.
Both side boosters landed back at Cape Canaveral several minutes after liftoff, just as they did after launching in April. But the new core booster missed an ocean platform.
YOKOHAMA, Japan (AP) — Scandal-battered Nissan has won shareholders’ approval for a new system of committees to oversee governance and for keeping Chief Executive Hiroto Saikawa on its board.
The Japanese automaker had seen profits tumble amid a high-profile scandal involving its former chairman Carlos Ghosn. Some shareholders expressed worries about the future of the automaker.
Saikawa and the other board members bowed deeply at the meeting Tuesday in the port city of Yokohama, where Nissan Motor Corp. is based.
Ghosn, who led Nissan for two decades, was arrested in November and is awaiting trial in Japan on charges of financial misconduct, including falsifying documents related to retirement compensation. He says he is innocent.
French automaker Renault owns 43% of Nissan.
Saikawa said he would prepare his successor and achieve recovery before stepping down.
Alabama wage suit to get second hearing before appeals court
ATLANTA (AP) — A federal appeals court is being asked to toss a lawsuit that had accused Alabama lawmakers of racially discrimination due to a law that blocked the majority-black city of Birmingham from raising its minimum wage.
At issue in arguments scheduled today before the 11th U.S. Circuit Court of Appeals is a 2016 statute requiring every city in Alabama to have the same minimum wage. Lawmakers passed the law after Birmingham’s city council voted to increase the city’s minimum wage to $10.10 an hour.
The state law effectively nullified the planned increase.
Fast food workers and civil rights groups accused the Legislature of racial discrimination, arguing that the state law targeted a mostly African American city and would disproportionately impact black workers.