Mixed start … Hardened trade positions … Johnson pushing EU top re-open Brexit deal
NEW YORK (AP) – Stocks are off to a mixed start in morning trading. Gains for health care companies are being offset by losses elsewhere in the market. Consumer focused and communications companies are among those trading lower.
BEIJING (AP) – Negotiations aimed at ending a tariff war between the U.S. and China are due to begin tomorrow in Shanghai. But hopes for a breakthrough appear slim despite the agreement in June by Presidents Donald Trump and Xi Jinping to restart efforts at ending the costly fight over technology and trade. Trump is demanding the World Trade Organization stop allowing some countries more lenient treatment as developing economies. China’s foreign ministry today said that position has “further exposed” the administration’s “wayward arrogance and selfishness.”
LONDON (AP) – Prime Minister Boris Johnson is pushing Britain closer to a no-deal exit from the European Union. He says he will not hold Brexit talks with EU leaders unless the bloc backs off its refusal to reopen the existing divorce deal. Meanwhile, the pound has fallen to a two-year low as business groups warn that neither Britain nor the EU is ready for a no-deal Brexit.
NEW YORK (AP) – Pfizer is buying Mylan. The all-stock deal will combine the $10 billion generic pharmaceutical company with its own off-patent branded and generic business. The Pfizer business, called Upjohn, makes Lipitor, Celebrex and Viagra. Mylan is best known for its EpiPen, an injector used to halt life-threatening allergic reactions. The deal arrives at a precarious time for big drug makers who are threatened by patent protection losses and lower-priced rivals.
LAWRENCE, Mass. (AP) – The utility blamed for a series of gas explosions in Massachusetts last September has settled all class action lawsuits resulting from the disaster. The settlement will cost Columbia Gas of Massachusetts and its parent, NiSource Inc., $143 million. One of the plaintiffs’ lead attorneys says the settlement “will provide a full measure of compensation to thousands of residents and businesses.” The explosions in Lawrence, Andover and North Andover killed one person and injured two dozen more.