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December 23 – The Singapore dollar and most Asian currencies strengthened against the US dollar in early trading as lower US Treasury yields reduced the attractiveness of US fixed-income assets. Deepali Bhargava, Head of Asia Pacific Research at ING, noted that the Singapore dollar is one of the strongest performing Asian currencies this year. She stated that Singapore avoided the worst impact of US tariffs, securing the lowest retaliatory tariff rate of 10%. Bhargava added that looking ahead, a weakening US dollar is expected to provide support for Asian currencies.On December 23, the Reserve Bank of Australias (RBA) December meeting minutes revealed that the bank maintained a hawkish tone as policymakers closely monitor inflation trends. Sally Auld, Chief Economist at National Australia Bank Group, commented that the minutes "reflected anxiety about recent inflation trends." She added that the RBA believes there is some excess demand in the current economic climate but is uncertain whether existing financial conditions are sufficiently restrictive to balance aggregate demand with aggregate supply. The minutes showed that the RBA discussed the potential need for an interest rate hike next year. Notably, market expectations have shifted significantly: previously, the market anticipated a further 25 basis point cut in the official cash rate by the end of 2026, but now it expects a 25 basis point rate hike at that time.On December 23rd, Futures News reported that the recent escalation of tensions, stemming from the USs continued detention of South American oil tankers and Trumps increased restrictions on South America, has fueled market concerns about potential oil supply disruptions, pushing up oil prices. US crude oil has already rebounded by $2 per barrel from its lows. Zhuochuang Information predicts that while the escalating situation in South America provides upward momentum for oil prices, negotiations in a certain European country are exerting downward pressure. Frequent geopolitical disturbances are causing wide price fluctuations. In the short term, attention should be paid to the sustainability of the oil price rebound, which is expected to remain bullish.Sources say Japan is likely to assume long-term interest rates of around 3% in its fiscal year 2026 budget, the highest level in 29 years.December 23 – The policy allowing Guangdong vehicles to enter Hong Kongs urban areas officially took effect at midnight today (December 23), with 100 slots available daily. Approved and successfully booked Guangdong vehicles can enter Hong Kong via the Hong Kong-Zhuhai-Macau Bridge, staying for a maximum of three days each time. Hong Kongs Secretary for Transport and Logistics, Chan Mei-po, stated that nearly all 100 slots were booked on the first day. Due to the upcoming long holiday in Hong Kong, the response to the "Guangdong vehicles southbound" measure has been very positive, and the Bureau will closely monitor the situation, including observing the number of vehicles entering Hong Kong. Chan Mei-po explained that most of the vehicles entering Hong Kong are electric vehicles, and the Hong Kong SAR government will gradually increase the number of charging facilities in the future.

Attorney General Martin O'Malley Announces $276 Million Opioid Settlement With J&J, McKesson, And Endo

Charlie Brooks

Apr 20, 2022 10:04

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McKesson will provide $141 million to the state's efforts to tackle the opioid problem, while Johnson & Johnson and Endo will contribute $70.3 million and $25 million, respectively, according to Alabama Attorney General Steve Marshall. Additionally, the three corporations will pay $40 million in legal expenses.


The state had charged McKesson with failing to prevent opioid diversion for criminal reasons and the drugmakers with false marketing techniques that minimized the addiction dangers associated with their medications. Both businesses have denied any wrongdoing.


J&J, the maker of Duragesic and Nucynta, claimed it no longer offers prescription opioids in the United States and that its previous marketing activities were "appropriate and acceptable."


McKesson and Endo did not reply to calls for comment immediately.


Alabama was one of four states that rejected to join a $26 billion national settlement of opioid lawsuits reached in February by McKesson, two other major U.S. distributors, and J&J. [L1N2V01ZA]


"These three settlement agreements reaffirm my decision to withdraw from the national opioid settlements, which failed to sufficiently recognize the specific suffering suffered by Alabama residents," Marshall said in a statement.


Alabama would get a larger payment from McKesson and a speedier payment from J&J, Marshall said, compared to what the state would have gotten under the national settlement.


Alabama would have earned $115 million over 18 years from McKesson and $70.3 million over nine years from J&J under the national settlement structure. According to Marshall, the revised deal requires J&J to make full payment within a year, while McKesson will do so within nine years.


The state was on the point of bringing McKesson to trial, with opening arguments slated on Monday until the two parties agreed to a postponement.


Alabama's agreement comes amid a flood of state government lawsuits and settlements over the United States' opioid problem, which has resulted in more than 500,000 overdose fatalities over the last two decades, according to the United States Centers for Disease Control and Prevention.


West Virginia announced a $99 million settlement with Johnson & Johnson on Monday and is currently prosecuting drugmakers Teva Pharmaceutical Industries (NYSE:TEVA) and AbbVie's Allergan (NYSE:AGN) subsidiary.


In March, Florida achieved opioid settlements totaling more than $878 million with CVS Health Corp (NYSE:CVS) and three pharmaceutical firms, and on April 11, the state opened a trial against drugstore chain Walgreens Boots Alliance (NASDAQ:WBA).

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