Walgreens has threatened to pull out of partnership with Theranos following the notice the latter received from the federal authorities regarding deficient medical practices. The drug retailer has given a 30-day ultimatum to its partner to clear their name, or their association gets terminated.
Tags: US
Puerto Rico in troubled waters, stalls debt payments to provide essential services
Puerto Rico has run into deep economic crisis, with its fiscal agent, the Government Development Bank, running out of reserves to cover even essential services. The government is tilting towards holding on to its debt repayments to sustain the island as a going concern, but their plea to creditors and the Congress to bail them out of the crisis is met with resistance on both fronts.
Whole Foods is recalling ‘Pecorino Aged Cheese in Walnut Leaves’ due to listeria contamination
Whole Foods is calling back its specialty cheese, Pecorino Aged Cheese in Walnut Leaves, that have been sold from its New York and Florida stores. The product, which tested positive for the bacterium Listeria monocytogenes, may have a fatal impact on the health of its consumers. The company has already notified its retailers and distributors and alerted its consumers of the same.
3-D printer Massivit finds an investor in Stratasys
Stratasys, the leading player in the 3-D printing and additive manufacturing industry, has extended its investment arm towards the promising start-up, Massivit. The start-up is just the kind of venture Stratasys likes to support, with disruptive technologies like their proprietary Gel Dispensing Printing and the 1800 3D printer which produces 3D printed sculptures.
McDonald’s to introduce draft beer in a South Korean outlet
McDonald's is about to launch its experimental outlet in Seoul, South Korea, with draft beer. The fast-food giant has taken its first steps to introduce the concept of beer with hamburgers in Asia, having added this beverage long time back in its German, French, and Spanish outlets. If the Asian people embrace this concept, McDonald's is ready to open up two more similar outlets in Gangnam and Sinchon.
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Bernie Sanders has cashed in on his small-dollar contributors and raised almost $5.1 million in a sudden, instant fundraiser on his victory night. Without a super-PAC to cushion his campaigns, he has always managed to keep pace with competition like Hilary Clinton, who's dependent on high-dollar contribution to fill her kitty. Sanders already knows exactly what he wants to do with the influx of cash.
Caterpillar has connected with its long-term partner, Rimco, to become the official dealer of CAT equipment to Cuba. Following loosening of some trade laws by Obama administration, Caterpillar has jumped into the scene instantly and is all poised to enter the Cuban market the moment the restrictions are off. The earth movers have been lobbying for lifting the Cuban trade embargo for a long time now.
GM is about to roll out yet another recall program, this time affecting 47300 vehicles in North America. The leading automaker has found issues with the brake nut that could lead to failure of this vital function. This is nowhere close to the first time the company called back its cars for some fix, and seems it won't be the last either.
Monsanto, the agribusiness giant, faces an $80 million penalty to SEC on account of misstated earnings. The company had failed to incorporate the expenses related to a rebate program while entering the corresponding revenues. However, the SEC is not pressing further charges as the company, although neither admitted nor denied the allegations, has agreed to make the necessary settlements.
US President Barrack Obama has finally disclosed the 2017 US budget details. Never to shy away from what he deems right, even in the last year of presidency, he has included his long-term liberal plans that have been widely criticized by the Congress. The highlighted ones are his global climate change initiative, fee levied on crude oil, and enhanced medical care for cancer patients and drug addicts.
As per the federal agreement, HSBC has agreed to pay $470 million to provide relief to abused mortgage loan borrowers. The payment will be directed towards mainly Virginia, along with 48 other states. The bank, accused of malpractices like robosigning and bad loan designs, will now be monitored by an independent body to ensure it adheres to the revised banking standards and settlement terms.
The leading steel company, ArcelorMittal, has no option but to raise money to pay off its huge debts. The company has resorted to issuing shares and selling off its minority stake in Gestamp, the Spanish auto-parts manufacturing company. The decision should fetch Lakshmi Mittal almost $4 billion - $3 billion from share issue and $1 billion from Gestamp - and reduce the debt burden to some extent.
President Barrack Obama seeks an additional $1.1 billion in the face of increasing death rates due to overdoses of heroin and opioids. The Obama administration has already split the amount and categorized them to focus on different aspects like increasing medical-assisted facilities, prescriptions of antidotes, plans for overdose prevention, etc. These facilities are to be rolled out to the rural areas as well.
The US federal contracts are somehow still not won by the women-owned small companies in this day and age. Senator Jeanne Shaheen has openly expressed her disappointment regarding this sobering fact. But she is still optimistic that the changing laws would rectify the situation and empower women with the experience to bid for larger and more competitive federal contracts in the future.
