Tag Archives: companies

Joe Biden reportedly praised pharmaceutical companies at a private party despite publicly railing against high drug prices

Joe Biden reportedly praised pharmaceutical companies at a private party despite publicly railing against high drug pricesBiden told donors in private that there were "great drug companies out there — except a couple of opioid outfits," according to Bloomberg.



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CEOs claim Biden’s brother promised them 2020 candidate would help their companies

CEOs claim Biden’s brother promised them 2020 candidate would help their companiesCourt filings claim James Biden told executives Joe Biden could be influenced to adopt their business modelLatest accounts go further in establishing that Joe Biden’s relatives have sought to profit from his public service. Photograph: Michael Dwyer/APJames Biden, brother of Democratic presidential frontrunner Joe Biden, is facing renewed claims that he lured potential business associates with promises his brother could be influenced to adopt their business model.According to sworn declarations contained in a court filing in Tennessee, James Biden told potential partners at two medical services companies that his brother Joe would help their companies land lucrative contracts with the court system.Executives at Azzam Medical Services and Diverse Medical Management, firms that provide rural healthcare solutions, claim they were told by the younger Biden sibling that his brother would incorporate their healthcare model into his presidential campaign.The allegations against James Biden are not new, and follow claims that Biden’s son Hunter offered access to his father to help Chinese companies establish high-level influence in the US. But the latest accounts go further in establishing that Biden’s relatives have sought to profit from his public service.Azzam and Diverse Medical first sued James Biden in June, claiming he had used his influence in a scheme to bankrupt their model of medical care that offered rural residents treatment for opioid addiction, mental health issues, veterans’ issues, and sexual trauma.Diverse Medical chief executive Michael Frey testified that during a presentation in January 2018, James Biden “interrupted me to say: ‘My brother needs to have you in every court system in America.’”In another declaration, James Biden promised “that the DMM psychiatric care model would be used by Joe Biden as part of his campaign,” claimed Mohannad Azzam of Azzam Medical Services.In another phone call late last year, Azzam claimed: “James Biden mentioned that his brother’s connections to labor unions and the Department of Veterans Affairs would help DMM expand its model nationwide.”In a third declaration, Diverse Medical’s former general counsel Mitchell Cohen alleges that James Biden claimed his brother’s connections at the Department of Veterans Affairs could help the firm land contracts with the department and, based on his connections with unions, help win contracts with first responders.The allegations do not include any claims that Joe Biden knew anything of the claims his brother is alleged to have made.The latest allegations conform with claims of influence-peddling offered by executives at a hedge fund once owned by James Biden and his nephew Hunter, according to Politico.James Biden has denied engaging in any scheme to defraud the companies, saying he and his wife, Sara, have “a long-held and passionate commitment” to improving access to addiction and post-traumatic services in rural areas.Political ethicist Richard Painter said Joe Biden needs to make it clear that he will not be influenced by family ties. Painter said: “If he wins the nomination Biden needs to make concrete promises that if he’s elected president he will insulate his administration from anyone in his family whose trying to make money, and that includes his brother and his son.”Donald Trump has been roundly criticized for not distancing himself enough from his business interests, which are still run by his children. He has also faced widespread accusations that he has used the presidency to boost the Trump family business.The latest scrutiny of Biden’s family comes as a Monmouth University poll suggested Biden’s frontrunner status had been cut and the race for the democratic nomination was now a dead heat between Biden, Bernie Sanders and Elizabeth Warren. But pollsters have warned of the poll’s small sampling and large margin of error.



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White House insists Trump has authority to block American companies from doing business in China

White House insists Trump has authority to block American companies from doing business in ChinaWhite House economic adviser Larry Kudlow asserted President Trump’s threat to block trade between private Americans businesses and China, saying he has “emergency economic power authority” to do so.



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Trump orders US companies to leave China ‘immediately’ in extraordinary attack on Fed chief

Trump orders US companies to leave China ‘immediately’ in extraordinary attack on Fed chiefDonald Trump has issued an “order” to US companies to withdraw from China, as he suggested his own appointment as Federal Reserve chairman was a greater threat to the economy than Chinese leader Xi Jinping.The president told firms “to immediately start looking for an alternative” or make their products in America instead as he lashed out at the central bank’s chair Jerome Powell.



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Trump's acting immigration chief introduced legislation as a state senator that would have allowed companies to fire employees who didn't speak English

Trump's acting immigration chief introduced legislation as a state senator that would have allowed companies to fire employees who didn't speak EnglishHe's now Trump's acting immigration chief, but Ken Cuccinelli has a long history as an anti-immigration hardliner.



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Trump Plans to End Methane Curbs That Oil Companies Want to Keep

Trump Plans to End Methane Curbs That Oil Companies Want to Keep(Bloomberg) — The Trump administration is readying a plan to end direct federal regulation of methane leaks from oil and gas facilities, even as some energy companies insist they don’t want the relief.A draft proposal from the Environmental Protection Agency would prevent the federal government from directly targeting that potent greenhouse gas as it restricts emissions from oil wells and infrastructure, despite fears that time is running out to avert catastrophic consequences of climate change.The White House is finishing its review of the EPA plan, which was described by people familiar with the matter who asked not to be named ahead of a formal announcement that is expected within weeks.The proposal threatens to undermine the oil industry’s sales pitch that natural gas is a climate-friendly source of electricity — a cleaner-burning alternative to coal that can help power an energy-hungry world for decades to come. Dozens of oil companies have made voluntary pledges to keep methane in check, and some have warned the Trump administration that federal regulation specifically targeting it is essential for natural gas to maintain that reputation.“Stakeholder confidence in natural gas is hanging by the thread, and the EPA is pulling out the scissors with this methane rollback,” said Ben Ratner, a senior director with the Environmental Defense Fund’s energy innovation arm.More than 60 oil and gas companies have made voluntary commitments to pare emissions of methane, the chief ingredient of natural gas, though some of them insist federal regulation is still essential for the highly fragmented industry. For instance, BP Plc and Royal Dutch Shell Plc executives said in March that they favor federal regulation of the oil industry’s methane emissions, with BP asserting in an opinion piece that voluntary actions by a handful of companies “are not enough to solve the problem.”“Industry gets it,” said David Hayes, a former Interior Department official who leads the State Energy and Environmental Impact Center at New York University School of Law. “They recognize that this is a tremendous liability.”The oil and gas industry is the leading industrial source of methane, which can escape from pipelines, sneak out of compressor stations and be vented from oil wells as a byproduct. Although methane accounts for roughly 10% of U.S. greenhouse gas emissions, it’s been blamed for up to a quarter of the planet’s warming as it has more than 84 times the heat-trapping potential of carbon dioxide the first two decades after entering the atmosphere. Methane’s warming potential over a 100-year time span is at least 28 times that of carbon dioxide.Walking AwayThe EPA’s plan to walk away from specifically regulating methane dovetails with other Trump administration efforts to ease limits on emissions from power plants and automobiles. Critics cast the proposal as a part of a broad Trump administration retreat from the global fight against climate change.The Senate’s top Democrat, Chuck Schumer, blasted the plan Wednesday, calling it “another disgraceful giveaway to corporate polluters at the expense of the public’s health, our environment and the fight to combat climate change.”The Obama administration targeted the oil industry’s methane emissions in 2016, by requiring energy companies to frequently seek and plug leaks. Other U.S. requirements also acted to pare methane emissions but did so indirectly, by targeting other, conventional pollutants or seeking to stop the waste of natural gas extracted from federal lands.Those targeted mandates on new wells triggered a legal requirement that EPA also regulate methane emissions from existing oilfield infrastructure — including more than a million wells on private land. However, plugging leaks on some decades-old, low-producing wells could be expensive and unruly — a burden that would fall disproportionately on smaller, independent oil companies.“It changes the scope, from our industry, from a rule that’s dealing with 15,000 to 40,000 new sources a year to the million existing wells that are out there,” some 770,000 of which are low-producing sites, said Lee Fuller, executive vice president of the Independent Petroleum Association of America.Imposing rigid requirements to frequently detect and repair leaks at those low-production wells, would be “a huge cost burden,” potentially eclipsing gross income from the sites, Fuller said. “It would shut in production at a lot of these wells.”Trump’s EPA has already proposed easing the 2016 mandates, but by sweeping away direct methane regulation, the agency can prevent the march to impose them on existing wells.Existing EPA requirements — which focus on paring the release of volatile organic compounds at oil and gas wells — would still help rein in methane emissions at the sites, just indirectly. And as new wells are drilled — and old wells stop producing — more of them fall under those regulations targeting volatile organic compounds. By 2023, nearly 90% of all U.S. natural gas and oil production will fall under the earlier EPA requirements, said Erik Milito, a vice president at the American Petroleum Institute.The EPA is planning to justify its move by treating parts of the oil and gas industry — such as production from individual wells and natural gas transmission — as distinct, separate segments, then arguing that the methane emissions associated with them don’t merit direct regulation, according to the people familiar with the proposal.Natural gas produces half as many carbon dioxide emissions as coal when used to produce electricity, but methane leaks undermine that benefit, providing fodder to activists fighting to block the construction of new pipelines and power plants using the fossil fuel.The issue is increasingly important to investors seeking to immunize their oil and gas portfolios from climate change risks. “For an investor that wants to maintain some exposure to oil and gas but have some degree of confidence that natural gas is being done right, this kind of rollback flies in the face of their investment thesis,” Ratner said.(Updates with comments from Schumer, trade groups starting in 10th paragraph.)To contact the reporter on this story: Jennifer A. Dlouhy in Washington at jdlouhy1@bloomberg.netTo contact the editors responsible for this story: Jon Morgan at jmorgan97@bloomberg.net, Elizabeth WassermanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.



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Hong Kong protests take a toll as companies flag impact

Hong Kong protests take a toll as companies flag impactCathay Pacific Airways Ltd and the owner of Hong Kong’s luxury Peninsula hotel became the latest companies to highlight the impact of recent protests on their business, as an escalating cycle of violence clouds the outlook for the city. Millions have taken to Hong Kong streets in anti-government protests that have intensified since mid-June, at times forcing banks, stores, shopping malls, restaurants and even government buildings to close as the demonstrations degenerated into violent clashes between police and activists. Hong Kong’s flagship airline, Cathay Pacific, said on Wednesday the protests reduced inbound passenger traffic in July and travellers were weighing on forward bookings, as it reported it swung to a half-year profit.



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Bernie Sanders denounces 'greed' of American drug companies

Bernie Sanders denounces 'greed' of American drug companiesPresidential candidate Bernie Sanders accused American pharmaceutical companies Sunday of letting diabetic patients die out of “greed,” after he accompanied a group of Americans to Canada to buy insulin. Sanders joined the group, which took a bus from the US city of Detroit to Windsor, Ontario to restock on insulin, which costs 10 times more in the United States than in its northern neighbor. “How come the same exact medicine, in this case insulin, is sold here in Canada for one-tenth of the price it is sold in the United States?” Sanders demanded after visiting a Windsor pharmacy.



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Twitter CEO reveals secret to running two companies: daily meditation and eating just one meal a day

Twitter CEO reveals secret to running two companies: daily meditation and eating just one meal a dayTwitter's chief executive Jack Dorsey has revealed he takes daily ice baths and eats only one meal a day in an in-depth interview about his extreme fitness routine. Appearing on a fitness podcast, the billionaire said the "biggest impact" on his mental health has been meditation but said he also does weekend-long fasts to give him the focus and energy to run two companies.  The 42-year-old has been meditating for 20 years and spends an hour each morning and evening on the spiritual practice, he told the Ben Greenfield fitness podcast.  He has came under fire last year for attending a 10-day meditation retreat in Burma with Twitter users accusing him of ignoring the country's human rights abuses. He later said he needed to "learn more". Mr Dorsey, who co-founded the platform Twitter and mobile payments company Square, said his daily routine includes fasting for 22 hours a day and walking the five mile commute to his office. I did my meditation at Dhamma Mahimã in Pyin Oo Lwin. This is my room. Basic. During the 10 days: no devices, reading, writing, physical excercise, music, intoxicants, meat, talking, or even eye contact with others. It’s free: everything is given to meditators by charity. pic.twitter.com/OhJqXKInD3— jack (@jack) December 9, 2018 The daily walk allows him to spend time thinking or listening to podcasts. “I might look a little bit more like I’m jogging than I’m walking… I try to get as much sunlight as possible and then I begin the day 9," he said.  The tech chief said skipping breakfast and lunch frees up his day and makes him more productive. His dinner usually consists of meat or fish accompanied with a salad or green vegetables, followed by some fruit or dark chocolate.  “During the day, I feel so much more focused… the time back from breakfast and lunch allowed me to focus more on what my day is,” he said, adding that it allows him to sleep better. Mr Dorsey said he thought he was hallucinating when he first began fasting Credit: Reuters  Mr Dorsey also said he uses a sauna and ice bath for "mental clarity" every evening. He sits in a barrel sauna set at 220F degrees (104C) for 15 minutes followed by three minutes in an ice bath set at 37F degrees (2C). Rather than easing up on himself on weekends, Mr Dorsey said he has trialled 48-hour fasts from Friday to Sunday evening during which he only drinks water.  “The first time I did it, like day three, I felt like I was hallucinating. It was a weird state to be in. But as I did it the next two times, it just became so apparent to me how much of our days are centered around meals and how – the experience I had was when I was fasting for much longer, how time really slowed down,” he said. Profile | Jack Dorsey Earlier this week it also emerged that Mr Dorsey was received a total salary of just $ 1.40 from Twitter last year, a nod to its former 140-character per tweet limit. "As a testament to his commitment to and belief in Twitter’s long-term value creation potential, our CEO, Jack Dorsey, declined all compensation and benefits for 2015, 2016 and 2017, and in 2018 he declined all compensation and benefits other than a salary of $ 1.40," a section of the company's filing stated. However, Mr Dorsey owns 2.3 per cent of the company's stock. He also made an estimated $ 80 million (£61 million) after taxes from selling 1.7 million shares in his second company Square, according to Forbes.



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Get paid for your data? California governor wants tech companies to show you the money

Get paid for your data? California governor wants tech companies to show you the moneyGov. Gavin Newsom is considering a bill that would compensate users for their data, but critics warn it could be complicated.



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