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Gilead has agreed to pay $97 million to settle claims that it violated the False Claims Act by using a charitable foundation to pay illegal kickbacks disguised as copayments for thousands of Medicare patients taking its pulmonary arterial hypertension drug, Letairis, the US Justice Department said.The US government alleged that Gilead (GILD) used the foundation as a conduit to pay the co-payment obligations of thousands of Medicare patients to induce them to buy Letairis, according to the findings. From 2007 through 2010, Gilead made payments to the foundation, which, in turn, used those funds to pay co-payment of patients taking Letairis.In addition, the government claimed that Gilead routinely obtained data from the foundation detailing how much the foundation had spent for patients taking Letairis. It then used this information to decide how much to pay the foundation. Furthermore, it also alleged that, to generate revenue from Medicare and induce purchases of...
(Bloomberg) -- Oil dropped toward $39 a barrel -- even after a decline in American crude and fuel stockpiles -- following warnings over global energy demand and the state of the U.S. economy.Futures in New York fell 1% after rising for a second day on Wednesday. Federal Reserve officials stressed that more fiscal stimulus is critical to sustain the U.S. economic recovery, while the head of commodities trader Mercuria Energy Group said that global oil markets won’t be able to absorb OPEC+ production increases as demand remains weaker than expected.That was after the market found support on Wednesday from Energy Information Administration data showing U.S. distillates inventories fell the most since March, while crude inventories dropped for a second week.After trading above $43 a barrel in late August, oil has lurched lower this month amid signs a resurgence in the coronavirus could lead to more lockdown measures. The OPEC+ alliance, meanwhile,...
Johnson & Johnson, one of the world’s largest and most comprehensive manufacturers of healthcare products, said on Wednesday that it has begun its large-scale, pivotal, multi-country Phase-3 trial for its COVID-19 vaccine candidate, sending shares as high as 2%....
(Bloomberg) -- Gold’s slump this week is forcing investors to ask whether the haven asset is taking a breather or facing an even sharper decline.Unprecedented global stimulus, negative real rates and a weakening dollar pushed bullion to a record high above $2,075 an ounce in early August. While some banks, including Goldman Sachs Group Inc. and Bank of America Corp., forecast even higher prices, a resurgent dollar has seen gold give up some of its gains.Is this merely a temporary setback for the precious metal? Here are five charts that provide hints as to where gold goes next:Dollar DominanceThe key driver of gold right now is the dollar. This week the U.S. currency strengthened, even as the Federal Reserve remained ultra dovish on interest rates. The dollar’s newfound vigor is linked to fading hopes of more stimulus from the U.S. That’s depressed gold, even as Covid-19 infections spike across Europe and...
The head of the United States Food and Drug Administration's vaccine advisory committee has recused herself from the panel due to her involvement in supervising the clinical trial of Moderna Inc's (NASDAQ: MRNA) COVID-19 vaccine, Reuters reported Wednesday.What Happened: Hana El Sahly, an associate professor of virology and microbiology at the Houston-based Baylor College of Medicine, assumed the chair of FDA's Vaccines and Related Biological Products Advisory Committee last year.The panel of outside experts is tasked with recommending whether COVID-19 vaccines should get the approval of the agency.El Sahly also took charge as one of the three principal investigators for Moderna's late-stage human trial of its vaccine in July, leading to concerns over conflict of interest, according to Reuters.Why It Matters: Outside experts assume an important role since the FDA is under pressure from the Trump administration to expedite the availability of a vaccine before the upcoming Nov. 3 presidential election,...
(Bloomberg) -- Asian stocks and European futures fell as warnings from the Federal Reserve on the need for more stimulus injected fresh jitters into an already weak September for global equities. The dollar continued its recent runup and is on course for the strongest week since April.Shares in Seoul underperformed amid signs of escalating tensions with North Korea. Hong Kong and China were also lower, with the MSCI gauge of regional shares heading for its biggest fall in two months.S&P 500 futures fluctuated. The U.S. equities gauge dropped on Wednesday to an eight-week low, with losses from its recent high now almost 10%. Fed Chairman Jerome Powell reiterated there’s a long way to go for the economic rebound, which will likely require more support. The urgent need for further fiscal stimulus was also stressed by other Fed officials. Treasuries were little changed.The caution comes as virus cases tick higher in the...
