Question: According to MSN: Money, at what age does it become embarrassing to live with your parents?
Insys bankrupted by opioid lawsuits – Pg. 12
- The opioid drugmaker Insys, whose products include the fentanyl-based spray subsys, has filed for Chapter 11 bankruptcy in the wake of a $225m settlement with the US government
- The government had been pursuing criminal and civil claims against the company over its role in promoting the opioid during an epidemic of abuse
- Some 90% of its revenue comes from opioids, which clinicians are increasingly reluctant to prescribe because of the addiction crisis
- Insys shares dropped 45% in morning trading…
- The company admitted illegal conduct when promoting subsys, a very powerful opioid designed for the worst pain suffered by cancer patients, but which was prescribed more widely. The accusations included paying kickbacks to clinicians, encouraging them to prescribe beyond cancer patients and lying to insurers about diagnoses
- As the opioid epidemic roared across the US, with 2m people suffering from opioid use disorder…
CEOs take stand against US abortion curbs – Pg. 12
- Almost 200 US executives have signed an open letter arguing that restricting access to abortion is “bad for business”, putting pressure on state politicians in a polarizing issue companies had long preferred to avoid
- The letter, published in the New York Times, frames access to abortion as an issue of workplace equality and economic prosperity and follows a trend of business leaders becoming more willing to join the most sensitive political debates
- The letter makes no mention of individual states, or of threats to cancel investments. American’s most valuable companies, including Microsoft, Apple, Amazon and Alphabet, are absent from the list of signatories, despite having become more vocal on other political issues ranging from immigration to gay rights and gun violence
Bank stocks hit as investors bet on rate cuts – Pg. 14
- As expectations have increased that the Federal Reserve is likely to cut US interest rates as early as next month, investors have sold bank stocks, showing particular eagerness to rid themselves of the most rate-sensitive lenders
- Despite a recent rebound the banks index has fallen 5.4% since then, while the S&P 500 is down less than 2%
- Banks that have significantly more deposits than loans are hit harder than others by falling rates. Such banks generally invest excess deposits in rate-sensitive short-term securities
- As rates decline while the banks roll over their security portfolios, interest income falls. What the banks pay for deposits should fall as well but it does so more slowly and often by less, compressing lending margins
- Fed funds futures now anticipate at least two Fed rate cuts before the end of the year, with the first possibility coming as early as July, and three or even four are significant possibilities
Answer: 28