FT News Briefing Wednesday, August 28
Aug 28, 2019
Purdue Pharma offers a massive $10-$12 billion settlement amid ongoing lawsuits, while a potential merger between Philip Morris and Altria could reshape the tobacco landscape. As the UK faces Brexit challenges, the Federal Reserve emphasizes its independence from politics. Meanwhile, concerns about 'Japanification' rise as investors worry about long-term economic stagnation, low inflation, and the aging population's impact on the U.S. and global economies. Innovative strategies may be essential to navigate these economic hurdles.
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Purdue Pharma's Opioid Settlement Offer
- Purdue Pharma and the Sackler family offered up to $12 billion to settle opioid lawsuits.
- The proposal includes up to $8 billion from Purdue and $3 billion from the Sacklers, potentially resolving thousands of cases.
Philip Morris and Altria Merger Talks
- Philip Morris International and Altria are discussing a merger, potentially creating the world's largest tobacco company.
- Investors reacted cautiously, with share prices initially rising but ultimately falling.
UK Parties Unite Against No-Deal Brexit
- Six UK opposition parties agreed to pursue legislation to prevent a no-deal Brexit.
- They aim to stop Prime Minister Boris Johnson from leaving the EU without an agreement on October 31st.