Global shares mixed…OxyContin settlement goes to judge
TOKYO (AP) – Global shares are mostly mixed as caution sets in among investors after banks and industrial companies helped lift stocks mostly higher on Wall Street. France’s CAC 40 inched up less than 0.1% in early trading, while Germany’s DAX was virtually unchanged. Britain’s FTSE 100 slipped 0.2%. In Asian markets, Japan’s Nikkei edged finished 0.2% lower. South Korea’s Kospi slipped 0.4%. Hong Kong’s Hang Seng declined 0.5%, while the Shanghai Composite fell 0.2%. On Wall Street, Dow futures are up nearly 0.1% while S&P 500 futures are down less than 0.1%.
UNDATED (AP) – Purdue Pharma’s quest to settle thousands of lawsuits over OxyContin’s toll is entering its final phase with the grudging acceptance of most of those who have claims against the company. A confirmation hearing is to open in U.S. Bankruptcy Court today for a deal that removes control of the company from members of the wealthy Sackler family and requires them to contribute $4.5 billion to opioid abatement. While most states and others with claims have signed on, there’s still deep anger that Sackler family members would receive protection from lawsuits under the deal.
LONDON (AP) – Official figures show the British economy grew by 4.8% in the second quarter of 2021 as lockdown restrictions were lifted. The Office for National Statistics also said that the British economy grew by 1% in June alone, the fifth straight month of growth. The lifting of pandemic restrictions following the rapid rollout of vaccines in the U.K. has buoyed growth in recent months and economists expect further growth in the months to come.
BERLIN (AP) – Striking railway workers in Germany are halting much of the country’s train service for a second day. German news agency dpa reports that one-quarter of long-distance trains and about 40 % of regional and local commuter trains are running today. Members of the railway workers union GDL are staging the work stoppage to underline their demands for a 3.2 % pay raise and a one-time “coronavirus bonus” payment of 600 euros, or $704. German train operator Deutsche Bahn has rejected the demands. GDL plans to end the strike Friday at 2 a.m. local time.
SEOUL, South Korea (AP) – A day before he is released on parole, Samsung scion Lee Jae-yong has appeared in a South Korean court for another trial. It’s a reminder of his looming legal risks even as he leaves prison. Lee is among some 800 prisoners being released before a national holiday. He had a year left on a 30-month sentence for embezzling corporate funds to bribe South Korea’s previous president. He was separately charged with financial crimes related to a 2015 merger between two Samsung affiliates that tightened his control over the corporate empire. Lee’s lawyers say he’s a victim of presidential abuse of power.