>> Congress Grills Pharmaceutical Company Execs Update
(Washington, DC) -- During a hearing in front of a senate subcommittee Thursday the three largest pharmaceutical executives admitted that patients in the United States are paying too much. Executives at Johnson & Johnson, Merck and Bristol Myers Squibb were summoned in front of the Senate Health Committee and were confronted about American prices compared to other wealthy countries. They conceded that prices are higher in America but claimed that medications arrive faster than anywhere else in the world, and that other countries have more limited health insurance coverage. The Department of Health and Human Services found in 20-22 that even when taking into account the discounts Americans receive from health plans and employers pay, people still pay on average at least three times as much. The executives went onto blame the pharmacy benefit managers for not negociating better deals because they receive more money when the sticker price of a drug is higher.
>>Mexico Overtakes China As Leader Of Imports To US
(New York, NY) -- The United States bought more goods from Mexico than China in 2023 for the first time in 20 years. New data out this week shows Mexico outpaced China to become America's top source of imports - a significant shift that highlights how tensions between Washington and Beijing are altering trade flows. Economists say the decrease in trade with China is clearly linked to the tariffs imposed by the Trump administration and maintained by President Biden. According to the UN, foreign direct investment in developing countries fell nine-percent in 2023, but the flow of investment to Mexico surged 21-percent last year.
>>House Report Accuses Venture Capitalists Of Having Links To Chinese Military
(Washington, DC) -- A new congressional report is accusing U.S. venture capital firms of funding tech companies linked to the Chinese military. The House select committee on China released a report on Thursday accusing Qualcomm Ventures and other firms of sinking at least three-billion dollars into companies with ties to the military in Beijing. The report also alleges that U.S. venture capitalists "have helped build and strengthen" China's "priority sectors." The Chinese Embassy in Washington responded by saying the use of national security as a pretext to restrict investments in China will "undermine the principle of free trade."
>>Some 5,000 Anheuser-Busch Workers May Strike by March
(St. Louis, MO) -- Over five-thousand Anheuser-Busch union workers could go on a company-wide strike by March. Teamsters Union President Sean O'Brien says the company must commit to job security demands, wage increases, enhanced benefits and making Juneteenth a paid holiday in order to prevent an employee walk-off. That would happen February 29th. Negotiations continue after 99 percent of workers at 12 breweries voted in December to authorize a strike. On Monday, the union announced it will pay employees a thousand dollars a week if the strike happens. Brussels-based parent company InBev's North American headquarters are in St. Louis, but the company has U.S. breweries in California, Colorado, Florida, Georgia, Texas, New York, New Hampshire, New Jersey and Virginia.
>>Yellen: Empty Office Buildings Hard On Smaller Banks
(New York, NY) -- Empty office buildings will make more stress for smaller banks, according to the Treasury Secretary. Janet Yellen said before Congress yesterday that "It's obvious that there's going to be a stress and losses that are associated with this." She told lawmakers that it's also related to high interest rates and declining valuations. But she added she does not see commercial real estate vacancies creating a systemic risk to the country's financial system.
>>GM, LG Chem Agree to $19B EV Battery Deal
(Detroit, MI) -- General Motors and LG Chem are establishing a long-term 19-billion-dollar battery supply deal. The contract will begin in 2026 and run through 2035. LG Chem will supply GM with enough materials for five-million electric vehicle batteries with a range of 310 miles on a single charge. The battery materials will come from a LG Chem plant that is currently under construction in Tennessee. GM vice president Jeff Morrison says the deal is part of GM's commitment to growing the sustainable battery EV supply chain while also strengthening the North American supply chain.
