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March 23 - Japans core CPI is expected to fall below the Bank of Japans 2% target for the first time in nearly four years. Economists surveyed by data provider Quick predict that government data released on Tuesday will likely show that consumer prices, excluding fresh food, rose 1.7% year-on-year in February, compared to 2.0% in January. This slowdown will give the central bank more time to consider its next tightening measures, as uncertainty in the Middle East continues to impact the economic outlook.On March 23, Minister of Commerce Wang Wentao met with Bosch Group Chairman of the Board of Management, Hartung, on March 22. The two sides exchanged views on Sino-German and Sino-European economic and trade relations, as well as Bosch Groups development in China. Wang Wentao stated that he was pleased to see Bosch Groups emphasis on the Chinese market and its commitment to providing Chinese consumers with newer and smarter products and services. The 15th Five-Year Plan has been promulgated and implemented, representing a list of opportunities offered globally by Chinas high-quality development. The Chinese government supports enterprises in conducting fair and healthy competition, which will help promote innovative cooperation. He welcomed Bosch Groups active participation in Chinas consumer goods trade-in program and its efforts to develop and produce more high-quality products and technologies. Wang Wentao pointed out that China attaches great importance to Sino-European economic and trade relations and is willing to work with the EU to implement the important consensus reached by the leaders of both sides, jointly oppose protectionism and unilateralism, resolve economic and trade frictions through dialogue and consultation, properly address each others economic and trade concerns, and create a fair, open, and non-discriminatory policy environment for cooperation between enterprises of both sides.On March 23, Minister of Commerce Wang Wentao met with Volkswagen Group Chairman of the Board of Management, Robert Obermünster, on March 22. The two sides exchanged views on Volkswagens business development in China and Sino-German and Sino-European economic and trade relations. Wang Wentao stated that the current international economic and trade landscape is undergoing profound and complex changes, with increasing instability and uncertainty. Chinas formulation and implementation of the 15th Five-Year Plan outlines a clear commitment to promoting high-quality development with new productive forces, providing foreign-invested enterprises with stable expectations and broad development space in China. Over the past few decades, the Volkswagen Group has achieved great success in the Chinese market. He hoped that Volkswagen would seize the favorable opportunities presented by Chinas technological and industrial innovation to empower its expansion into the global market. Wang Wentao emphasized that current Sino-European economic and trade relations present both opportunities and challenges. Protectionism will lead to a lose-lose situation. Both sides should rationally view their competitive and cooperative relationship, conduct fair and orderly competition, and deepen mutually beneficial cooperation. He hoped that the European economic community, including Volkswagen, would play a positive role in encouraging the EU to work with China to properly handle economic and trade frictions through dialogue and consultation.At 3:30 p.m. local time, the South Korean won closed at 1,517.3 won per dollar in the onshore market, its weakest level since March 9, 2009.Hong Kong Chief Executive John Lee will travel to Hainan tomorrow (March 24) to attend the Boao Forum for Asia Annual Conference 2026. The theme of this years conference is "Shaping a Shared Future: New Circumstances, New Opportunities, New Cooperation." Lee will attend the opening ceremony and will deliver a keynote address at the "Global Free Trade Port Development Forum." Lee will return to Hong Kong on March 26. During his absence, Chief Secretary for Administration Eric Chan will serve as Acting Chief Executive.

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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