Selasa, 02 Juli 2019

Elizabeth Warren blasts former FDA commissioner for joining Pfizer's board - STAT

WASHINGTON — Sen. Elizabeth Warren on Tuesday called for Scott Gottlieb, who resigned as commissioner of the Food and Drug Administration in April, to leave Pfizer’s board of directors.

In a letter, the Massachusetts Democrat applauded Gottlieb’s tenure at FDA but suggested his decision to join the drug giant “smacks of corruption.”

Gottlieb’s decision to join a corporation he once regulated, Warren wrote, “makes the American people rightfully cynical and distrustful about whether high-level Trump Administration officials are working for them, or for their future corporate employers.”

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Warren is among the leading candidates for her party’s presidential nomination in 2020. Many of her legislative priorities in recent years have fallen under FDA’s purview, including an aggressive bill aimed at lowering drug prices and a $100 billion proposal to counter the opioid epidemic.

Gottlieb announced last week that he would join Pfizer’s board beginning June 27, sparking immediate criticism that the company would have unmatched sway with the agency that regulates it. The move also allowed critics of the Trump administration to pounce on the perceived hypocrisy of an official who touted his work to lower drug costs accepting a leadership position with the world’s largest pharmaceutical manufacturer.

Gottlieb’s move, however, is typical.

Every FDA commissioner over the past 38 years has joined the board of a pharmaceutical company after leaving the agency, with the exception of David Kessler, who served as commissioner from 1990 to 1997. Robert Califf and Peggy Hamburg, the commissioners who immediately preceded Gottlieb, took posts at Cytokinetics and Alnylam Pharmaceuticals, respectively.

In a statement, Gottlieb said he respected Warren and would respond to her letter “promptly, directly, and privately.”

“While I was at FDA, I had a productive relationship with Sen. Warren, working together to advance shared public health goals,” he said.

Despite her criticism, Warren’s letter also touched on her broad approval for Gottlieb’s accomplishments at the agency — rare praise for a Trump administration official from a liberal Democrat and 2020 presidential candidate. 

“Unlike other administration officials who dedicated themselves to rolling back public health and consumer regulations, you often used your tenure to strengthen protections for Americans,” Warren wrote.

Warren, however, also wrote that Gottlieb is the second high-ranking federal official to leave government for industry in recent months. Warren also cited John Kelly, President Trump’s former chief of staff, who joined the board of a for-profit company operating a large detention center for migrant children in Florida.

Gottlieb also told STAT last week that he was “proud of the affiliation.”

“I’ve never been shy about my belief that America has the best biopharmaceutical sector in the world and this sector and its output of beneficial medicines is one of our great national achievements,” Gottlieb said in an email. “At the same time, I’m confident my record at FDA demonstrates I put the public health interest first and called balls and strikes based on the science and the public interest.”

In the letter, Warren also touted anti-corruption legislation that she said “would shut the revolving door and prohibit giant companies like Pfizer from wielding undue influence.”

That bill would prohibit many private companies from hiring or paying senior government officials in the four years following their departure.

Nicholas Florko contributed reporting. 

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https://www.statnews.com/2019/07/02/warren-blasts-gottlieb-pfizer-board/

2019-07-02 14:24:27Z
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Trader Joe's, Green Giant veggies recalled due to Listeria risk Trader Joe's, Green Giant veggies recalled due to Listeria risk - CNN

The vegetable products were voluntarily recalled by manufacturer Growers Express due to concerns about possible contamination with the bacteria Listeria monocytogenes, the FDA said in a Monday statement.
The packaged vegetables were produced at a factory in Biddeford, Maine, and were distributed to grocery stores across the United States, primarily in Massachusetts, Connecticut, Pennsylvania and Maine. The FDA issued a list of the stores and states affected.
Most of the potentially contaminated products have "Best if Used By" dates between June 26 and 29, 2019. No Green Giant frozen or canned vegetables are recalled.
"Listeria is an organism that can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems," said the FDA.
Other short term symptoms include high fever, severe headaches, stiffness, nausea, abdominal pain and diarrhea, according to the FDA. Listeria infections can cause pregnant women to have miscarriages and stillbirths.
If you think your veggies might be recalled, or if you can't read the date on your packaged veggies, the FDA urges you to not consume them and to throw away the packages.
Most of the potentially contaminated products have "Best if Used By" dates between June 26 and 29.
"The safety of our consumers is our first priority," said Tom Byrne, president of Growers Express in a statement.
"We self-reported the need for this recall to the US Food and Drug Administration and stopped production immediately after being notified of a single positive sample by the Massachusetts Department of Health."
Growers Express issued a full list of the products recalled. It includes:
  • Green Giant Fresh Butternut Squash Cubes
  • Green Giant Fresh Butternut Squash Noodles
  • Green Giant Fresh Butternut Squash Diced
  • Green Giant Fresh Cauliflower Crumbles Fried Rice Blend
  • Green Giant Fresh Ramen Soup Bowl
  • Green Giant Fresh Sweet Potato Cauliflower Crumbles
  • Green Giant Fresh Zucchini Noodles
  • Signature Farms Cauliflower Crumbles
  • Trader Joe's Butternut Squash Spirals
  • Trader Joe's Zucchini Spirals
Growers Express said it is sanitizing the factory and equipment involved and conducting additional safety tests. No other Growers Express products were involved in the recall.

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https://www.cnn.com/2019/07/02/health/vegetable-trader-joes-green-giant-recall-trnd/index.html

2019-07-02 13:22:00Z
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Budweiser IPO: AB InBev prepares its Asia business for biggest listing of the year - CNN

Budweiser Brewing Company APAC, the largest brewer in Asia by retail sales, plans to offer 1.63 billion shares for between 40 and 47 Hong Kong dollars ($5.13 to $6.02), according to a document setting out the terms of the IPO that was shared with CNN Business.
That would raise between $8.3 billion and $9.8 billion for the brewer of Bud Light, Beck's and Stella Artois. The biggest IPO of the year so far, by Uber (UBER) in May in New York, raised $8.1 billion.
The world's biggest brewer could use the funds to reduce its massive debt load. But AB InBev CEO Carlos Brito suggested in late June that listing in Asia could also lead to acquisitions in the region.
"The number one reason to do the listing is to have a platform in the region that is seen as closer to those markets and connected to what the region will do, since that's something that can be attractive to local groups," he told the Financial Times.
AB InBev became the world's largest brewer by borrowing money to fund a series of acquisitions. Its most recent mega purchase, of SABMiller, increased the company's debt to $102.5 billion in 2018.
The Fat Jewish's Babe Wine has been bought by the owner of Budweiser
The IPO could also help the company in China, the world's largest market for beer. AB InBev's sales in the country grew 8.3% last year, with its super premium brands performing especially well.
Institutional investors could submit orders starting on Tuesday, according to the IPO document. The IPO will be opened to retail investors on July 8, and the stock will list on the Hong Kong Stock Exchange on July 19.
Budweiser APAC plans to sell 95% of the shares to international institutional investors. Only 5% will be set aside for retail investors, unless underwriters choose to release additional shares.
JPMorgan (JPM) and Morgan Stanley (MS) are joint sponsors on the deal, while Bank of America Merrill Lynch (BAC) and Deutsche Bank (DB) are acting as joint global coordinators.
AB InBev declined to comment.

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https://www.cnn.com/2019/07/02/investing/budweiser-ipo-ab-inbev-asia/index.html

2019-07-02 13:45:00Z
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John Oliver's Latest Show Went Very Hard At Amazon [Video] - 2oceansvibe News

Nowadays, everyone is doing their best to live that convenient life.

Meals for the week delivered to your door are a huge plus, and the same is true for online shopping.

Click, pay, and wait for the goodies to arrive – nice.

If you ask the people that work in the warehouses at, say, Amazon, it’s a bit of a different vibe on the floor. Much like the picture painted by that ‘Amazon Race’ game, the working conditions aren’t always that pleasant.

During Sunday’s Last Week Tonight, host John Oliver went in for a closer look at warehouses. As you can imagine, Amazon wasn’t impressed, but we will get to that later.

Go for it, John:

Not a great look.

Let’s get to the response from Amazon via Rolling Stone:

“As a fan of the show, I enjoy watching John make an entertaining case for the failings of companies … But he is wrong on Amazon. Industry-leading $15 minimum wage and comprehensive benefits are just one of many programs we offer,” said Amazon executive Dave Clark in a statement.

“We are proud of the safe, quality work environment in our facilities … But unlike over 100,000 other people this year, John and his producers did not take us up on our invitation to tour one of our facilities … If they had they would have met the amazing people who work in our operations. People whose passion and commitment are what makes the Amazon customer experience special. I am proud of our team and to suggest they would work in an environment like the one portrayed is insulting.”

John Oliver can say with certainty that he’s been called far worse than ‘insulting’ during his time as host of Last Week Tonight.

Amazon, your move.

[source:rollingstone]

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https://www.2oceansvibe.com/2019/07/02/john-olivers-latest-show-went-very-hard-at-amazon-video/

2019-07-02 13:00:38Z
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OPEC allies agree to extend supply cuts in a bid to support oil prices - CNBC

Secretary General of OPEC, Mohammed Barkindo (R), Russia Energy Minister Alexander Novak (L), Saudi Arabia's Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih (C) hold a joint press conference during the 173rd Ordinary Meeting of the Organisation of Petroleum Exporting Countries (OPEC) in Vienna, Austria on November 30, 2017.

Omar Marques | Anadolu Agency | Getty Images

Russia and nine other non-OPEC producers agreed to a nine-month rollover of supply cuts on Tuesday, ratifying a policy designed to prop up oil prices amid a weakening global economy.

It comes less than 24 hours after energy ministers from the world's most powerful oil-producing nations thrashed out a deal to restrict the amount of crude flowing into the global market.

OPEC reached a deal to extend production cuts until March 2020 on Monday. The Middle East-dominated producer group was able to overcome their differences after five hours of negotiating in Vienna.

International benchmark Brent crude traded at $64.82 Tuesday lunchtime, down around 0.4%, while U.S. West Texas Intermediate (WTI) stood at $58.86, approximately 0.3% lower.

The energy alliance between OPEC and non-OPEC partners, sometimes referred to as OPEC+, has been reducing oil output since 2017.

The policy is designed to prevent prices from sliding amid soaring production from the U.S. — which has become the world's top producer ahead of Russia and Saudi Arabia. The cuts are running at a volume of about 1.2 million barrels per day.

Ahead of the non-OPEC meeting on Tuesday, Saudi Energy Minister Khalid al-Falih had said he was 100% confident of an OPEC+ deal.

The U.S. is not a member of OPEC, nor is it participating in the supply pact. Washington has demanded Riyadh pump more oil to compensate for lower exports from Iran after slapping fresh sanctions on Tehran over its nuclear program. However, the U.S. has also ratcheted up its oil production in recent years.

President Donald Trump is likely to be irritated by an extended period of OPEC-led supply cuts, after repeatedly calling on Saudi Arabia to supply more oil and help reduce prices at the pump.

Brent crude has climbed more than 25% so far this year, after the White House tightened economic sanctions against OPEC members Iran and Venezuela, slashing their exports.

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https://www.cnbc.com/2019/07/02/oil-russia-approves-opec-deal-to-rollover-production-cuts.html

2019-07-02 11:30:28Z
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Li Keqiang, Chinese Premier, Makes a Modest Peace Offering on Trade - The New York Times

DALIAN, China — A top Chinese leader said on Tuesday that his country would cut tariffs and loosen limits on foreign investment, two measures that could ease trade tensions somewhat with the United States.

Speaking in the Chinese port city of Dalian at a meeting of the World Economic Forum, Premier Li Keqiang, China’s No. 2 official, appeared to offer a small olive branch to the Trump administration. He said China would allow foreign financial services companies into its market a year earlier than previously promised and that it would rewrite many rules on foreign investment.

“We will move up the lifting of foreign capital limits in securities, futures and life insurance, from 2021 to 2020,” Mr. Li said, prompting a burst of applause from a crowd that appeared to include many bankers and others in finance. “This shows China’s commitment to opening up.”

By themselves, changes to foreign investment laws are unlikely to satisfy the Trump administration, but they might be a first step toward improving relations.

Trade negotiations between the United States and China collapsed in early May, mainly because Chinese negotiators essentially withdrew previous offers to amend many of the country’s laws. The prospect of rewriting Chinese legislation in response to the demands of a foreign power had stirred a nationalistic backlash within the Chinese leadership and civil service.

President Trump and his Chinese counterpart, Xi Jinping, agreed at a meeting on Saturday during the Group of 20 summit in Osaka, Japan, that they would restart trade talks. But neither side made any mention of returning the negotiations to where they had been in early May, nor did they raise the fraught issue of whether China would rewrite its laws.

China’s legislature approved a new legal code for foreign investment in March, giving the government a face-saving way to justify changes in other laws without appearing to acquiesce to American pressure. Over the weekend, China also slightly trimmed various longstanding restrictions on foreign investment in some industries. But foreign businesses have consistently said that changes on such a small scale would not be enough.

Bigger obstacles stand in the way of a lasting peace on trade. The Trump administration has also focused on persuading China to curtail lavish government subsidies to exporters and to companies that want to rival foreign firms in sectors like commercial aircraft, semiconductors and electric cars.

The Trump administration contends that these policies create unfair, government-backed competitors for American companies and workers. China has resisted putting limits on subsidies, which it regards as having been highly successful in building up its huge industries.

China’s move on foreign financial services would allow international securities firms and insurers to control brokerages and other businesses in China. Currently, foreign firms are allowed only partial stakes. China pledged a year and a half ago to allow foreign firms more leeway.

Mr. Li gave no details about plans to lower tariffs, though China has been reducing them overall in recent months, even as it was hitting the United States with retaliatory tariffs during their trade war.

Tim Stratford, a former American trade official who is now the chairman of the American Chamber of Commerce in China, expressed cautious optimism after Mr. Li’s speech that the Chinese government might make substantive changes. “He’s the head of a very large government and the challenge is to transmit that vision through the whole government,” he said.

But Mr. Stratford noted that China had lost a World Trade Organization legal case in 2012, after not following through on a commitment it made when it joined the W.T.O. in 2001 to open its market to foreign credit cards. China’s civil service is still working on regulations to let them in.

Mr. Li also made a carefully hedged promise that China would maintain the overall stability of its currency, the renminbi, and would not seek to devalue it so as to gain a competitive advantage in trade.

If the renminbi’s value declines against the dollar, that would make Chinese exports cheaper in terms of dollars and more competitive overseas, while making imports of foreign goods more expensive and less competitive within China. The United States Treasury has been putting pressure on China for many years not to devalue its currency, fearing the effects on trade competition as well as disruption of financial stability in China and some of its Asian neighbors.

But on Sunday, President Trump unexpectedly praised a modest decline in the value of the renminbi last year. He noted that the weakening of the renminbi then had offset some of the costs of his tariffs on Chinese goods for American consumers.

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https://www.nytimes.com/2019/07/02/business/china-li-keqiang-economy-trade.html

2019-07-02 10:08:49Z
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Oil price 'could easily be $75' if trade truce boosts demand, expert says - CNBC

Journalists interview oil Ministers on the sidelines of the 176th meeting of the Organization of the Petroleum Exporting Countries (OPEC) conference and the 6th meeting of the OPEC and non-OPEC countries on July 1, 2019 in Vienna, Austria.

JOE KLAMAR | AFP | Getty Images

The success, or failure, of trade talks between the U.S. and China will be a decisive factor in the oil price outlook this year, despite OPEC's decision to extend production cuts, oil market expert Amrita Sen told CNBC on Tuesday.

"I know (Saudi Arabian Oil Minister Khalid) Al Falih said that the second-half of the year (demand) outlook looks better but so much depends on the trade deal, on the truce between the U.S. and China, and global demand has slowed down considerably," Sen who is a chief oil analyst at Energy Aspects told CNBC Tuesday.

"China (demand for oil) hasn't collapsed at all, it's still growing slower, but it's just that lack of confidence, companies have just stopped investing and placing orders and we've seen very weak numbers out of other parts of Asia and Europe as well," she added.

Sen hoped that a "truce" between the U.S. and China on its trade dispute reached at the weekend by President Trump and President Xi, in which they agreed to hold off on any new trade tariffs on each other's imports while trade talks resume, could restore confidence that would fuel oil demand.

"But if that doesn't come back quickly, all of the second half (of 2019) and into 2020 things will be weak," Sen told CNBC's Dan Murphy in Vienna, where oil producing group OPEC and its non-member allies like Russia are meeting currently.

A potential interest rate cut by the U.S. Federal Reserve this year and the incentive to forge strong economic growth in the U.S., ahead of the 2020 presidential election, could provide extra impetus for oil market demand, Sen said.

"There will be some momentum to solve some of these trade wars. If demand is good I think oil prices have a lot of upside here and into next year," she said. "If demand growth is even 1 million barrels per day I think we could easily be $75 (the price per barrel) if not slightly higher because the physical crude market is still tight."

In its last June monthly report, OPEC predicted oil demand growth to rise by 1.14 million barrels per day in 2019. The majority of oil demand growth is projected to come from India, followed by China.

Muted reaction

Oil prices slipped despite OPEC's decision Monday to extend supply cuts to March 2020 in a bid to support oil prices amid a weakening global economy.

Crude rose more than 1% in Monday's session on OPEC's decision but has since pared gains. Markets experienced a more muted reaction given that a supply cut had already been flagged by the likes of Saudi Arabia at last weekend's Group of Twenty (G-20) meeting in Japan, taking out what Sen described as the "surprise element" for the market.

Oil prices were still buoyant Tuesday morning, benchmark Brent crude futures trading at $65.22 a barrel and West Texas Intermediate (WTI) at $59.12.

Concerns over the demand outlook amid uncertainty over global trade relations, and how those are impacting the international growth outlook, were seen as weighing on sentiment. Nonetheless, Saudi Arabia's Energy Minister struck an optimistic tone on the demand for oil, despite weaker global economic conditions.

"I think we've seen good demand numbers and we've seen the U.S. pickup," Khalid al-Falih told reporters at the OPEC meeting in Vienna on Monday.

"I think there have been things like weather-related issues, some of the industrial activity has pulled back temporarily as a result of the trade dispute between China and the U.S. I'm optimistic that there is a lot of goodwill between the U.S. and China and that will remove restraints on industrial productivity," he said.

OPEC is scheduled to meet on Tuesday with Russia and other producers that have joined it in a production cut agreement to discuss the supply cuts. Non-OPEC members like Russia have to endorse the extension of the supply cut (currently at around 1.2 million barrels a day).

The so-called "OPEC+" alliance of 24 producers agreed in late 2016 to cut production in order to put a floor under low oil prices that had resulted from a glut of supply, particularly due to increased U.S. shale output, and lackluster demand.

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https://www.cnbc.com/2019/07/02/oil-price-could-easily-be-75-if-trade-truce-boosts-demand-expert-says.html

2019-07-02 07:49:36Z
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