Mallinckrodt, the largest maker of generic opioids, filed for bankruptcy on Monday as it faces more than $1 billion in costs from lawsuits over its role in fueling the opioid crisis.

The company in February agreed to the framework of a $1.6 billion settlement with 47 attorneys general from states and territories over opioid-related lawsuits.

On Monday, the company detailed a structure for making those settlement payments, beginning with a $450 million payment upon emerging from bankruptcy proceedings.

“For years, they balanced their business on the backs of a product they knew was dangerous and deadly,” Connecticut Attorney General William Tong said in a statement on Monday. “As Mallinckrodt now collapses and files for bankruptcy, this agreement ensures $1.6 billion will be placed in a trust and used to directly address the pain, suffering and trauma caused by the opioid epidemic.”

The company is also agreeing to terms to prevent it from marketing its opioids in the future and to put in place protections aimed at preventing abuse.

The company said it would continue to serve customers “as normal” during the bankruptcy proceedings.

The company is also agreeing to pay $260 million over disputes about its pricing of its multiple sclerosis drug Acthar Gel.

Purdue Pharma, another major opioid maker, also filed for bankruptcy last year as part of a settlement to resolve opioid lawsuits against it.

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JERUSALEM (AP) — Five years after Israel signed a landmark agreement to develop large offshore gas fields over the objections of antitrust authorities, environmentalists and consumer advocates, ordinary Israelis have yet to see the windfall promised by the government.

The deal has chiseled away at the monopoly held by Houston-based Noble Energy and Israel’s Delek Group, which discovered and developed the fields, bringing prices down. The country is on track to phase out coal and derive nearly all its electricity from cleaner-burning gas and solar power by 2025, and is exporting gas to neighboring Egypt and Jordan.

But the financial benefits have yet to trickle down to Israeli consumers, who continue to pay stubbornly high electricity costs even as oil and gas prices have plunged in recent years.

As the scramble for natural gas creates new alliances and rivalries across the eastern Mediterranean, Israel’s experience shows that while big gas discoveries can yield geopolitical clout they don’t always deliver the riches promised by politicians.

The government says the gas reserves have turned Israel into a regional player and solidified ties with two Arab neighbors. Israel has also teamed up with Cyprus and Greece for a planned $6 billion pipeline to Europe, strengthening its position as it prepares to hold rare talks with Lebanon this week over their disputed maritime border.

But the so-called EastMed pipeline has heightened tensions with Turkey and is fraught with political and logistical challenges. It could prove infeasible if gas prices remain low and Europe accelerates its shift to renewable energy.

At the time of the 2015 gas deal, Prime Minister Benjamin Netanyahu promised “hundreds of millions of shekels for education, welfare, health and for every Israeli citizen,” but a hoped-for sovereign wealth fund has yet to materialize because revenues have been lower than expected.


In a desperate bid to get Canadian travelers to go abroad once again, Canada’s biggest airline, Air Canada, is offering passengers free Covid-19 medical insurance, even as the Canadian government continues to advise against non-essential travel.

Air Canada announced that it will now be including complimentary COVID-19 emergency medical and quarantine insurance for eligible passengers who book round-trip international flights. The coverage will be available for new bookings made in Canada from September 17 until October 31, 2020. The airline hopes that the free insurance will give customers added confidence when booking flights and travelling abroad.

“At Air Canada, we know people have personal, family and business reasons to travel. To give them greater confidence as they do so, we have engaged Manulife to offer all Canadian residents complimentary COVID-19 emergency medical & quarantine insurance when they book round-trip flights for travel outside of Canada. Combined with our industry leading airport and onboard biosafety protocols, including Air Canada CleanCare+, and our flexible rebooking policies, customers can be assured that when they book and travel with Air Canada their safety and well-being is our top priority,” said Lucie Guillemette, Executive Vice President and Chief Commercial Officer at Air Canada in the press release.

The plan (called the Manulife COVID-19 Emergency Medical Certificate of Insurance) is available only for new international, round-trip bookings made in Canada between September 17 and October 31, 2020, for travel completed by April 12, 2021. 

When abroad, if customers test positive for COVID-19, the Plan coverage includes:

  • Up to CDN $200,000 per insured for COVID-19 treatment medical expenses.
  • Up

(RTTNews) – European stocks saw a choppy session on Wednesday as investors appeared somewhat clueless about a potential new coronavirus relief plan as they digested a couple of treats from U.S. President Donald Trump.

Markets were also reacting to updates about coronavirus spread. In France, new coronavirus cases continued to see a daily rise of over 10,000. The French government has placed Paris on maximum Covid-19 alert.

Trump had tweeted Tuesday afternoon that he has instructed his administration’s negotiators to stop stimulus discussions with Democrats until after the presidential election, triggering heavy selling in the U.S. market.

Later on Tuesday, Trump indicated he would support individual stimulus measures after calling off negotiations over a broader relief package.

“The House & Senate should IMMEDIATELY Approve 25 Billion Dollars for Airline Payroll Support, & 135 Billion Dollars for Paycheck Protection Program for Small Business. Both of these will be fully paid for with unused funds from the Cares Act. Have this money. I will sign now!” Trump tweeted.

He later added, “If I am sent a Stand Alone Bill for Stimulus Checks ($1,200), they will go out to our great people IMMEDIATELY. I am ready to sign right now. Are you listening Nancy?”

The pan European Stoxx 600 ended down 0.12%. The U.K.’s FTSE 100 edged down 0.06% and France’s CAC 40 declined 0.27% and Germany’s DAX moved up 0.17%. Switzerland’s SMI ended lower by 0.44%.

Among other markets in Europe, Denmark, Iceland and Ireland closed higher. Belgium, Finland, Greece, Norway, Russia and Spain declined, while Austria, Czech Republic, Netherlands, Poland, Portugal, Sweden and Turkey ended flat.

In the UK market, Rolls-Royce gained more than 5%, rebounding strongly after losses in the previous session. CRH, Glencore, Kingfisher, Fresnillo, Ocado Group, Rio Tinto, Taylor Wimpey, Antofagasta and Melrose gained 2 to 3%.


FILE PHOTO: A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018. REUTERS/Faisal Al Nasser

(Reuters) – Major Gulf stock markets edged higher in early trade on Tuesday, helped by financial shares, with Dubai on track to end three sessions of losses.

Saudi Arabia’s benchmark index .TASI increased 0.6%, with Al Rajhi Bank 1120.SE rising 0.9% and telecoms firm Etihad Etisalat 7020.SE jumping 5.1%.

Dubai’s main share index .DFMGI gained 0.6%, led by a 1.2% rise in sharia-compliant lender Dubai Islamic Bank DISB.DU and a 1% increase in Emirates NBD Bank ENBD.DU.

The Abu Dhabi index .ADI edged up 0.2%, supported by a 0.2% gain in the country’s largest lender First Abu Dhabi Bank FAB.AD.

The United Arab Emirates has resumed granting work permits for foreigners employed by government and semi-government entities as well as entry permits for domestic workers, the National Emergency Crisis and Disaster Management Authority said in a Twitter post on Monday.

The UAE had suspended in March the issuance of all types of labour permits as part of measures to contain the spread of the novel coronavirus.

In Qatar, the index .QSI added 0.3%, with petrochemical maker Industries Qatar IQCD.QA risingn0.9% and Commercial Bank COMB.QA was up 1.4%.

Reporting by Ateeq Shariff in Bengaluru

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