Markets


Reviled Pharma CEO Resigns After Fraud Charge
- December 21, 2015

Headlines called the Brooklyn-born Shkreli such thing as "America's most hated man", the "drug industry's villain" and "biotech's bad boy" - and those were just some of the more printable names. Turing did not address Shkreli's arrest, though it did note Turing is "committed to ensuring that all patients have ready and affordable access to Daraprim and Vecamyl"-the very drugs that brought Shkreli into the spotlight after he raised their prices". (more...)
Pharma bad-boy Shkreli quits Turing after fraud charges
- December 21, 2015

Shkreli "engaged in multiple schemes to ensnare investors through a web of lies and deceit", U.S. Attorney Robert Capers said in a statement. A spokesman for the New York-based charity, Jake Maguire, said the donor's business practices were incompatible with its anti-poverty mission. (more...)
UC Davis Suspends KaloBios Drug Trial After CEO Shkreli's Arrest UC Davis Suspends KaloBios Drug Trial After CEO Shkreli's Arrest
- December 21, 2015

Shkreli was charged on Thursday with securities fraud, securities fraud conspiracy and wire fraud conspiracy related to his management of hedge fund MSMB Capital Management and biopharmaceutical company Retrophin Inc (RTRX.O). During the stream, Shkreli updated his Twitter profile to remove his "CEO" title, lost a few games of chess with viewers, compulsively stroked his hair, and strummed on his guitar. (more...)
Martin Shkreli Resigns From His Horrible Drug Company Martin Shkreli Resigns From His Horrible Drug Company
- December 21, 2015

On Friday, he resigned from his company, Turing Pharmaceuticals . Donald Trump called Shkreli "a spoiled brat". Hundreds stayed on to watch as Shkreli talked on the phone, left the room, returned, all with no sound. Shkreli's conduct, publicly disclosed its findings, and has fully cooperated with the government investigations into Mr. Shkreli. "If the board wants to fire me, they are welcome to fire me, but until they do, we're going to get through this thing." He refers to those who ... (more...)
Billionaire Sheldon Adelson Is Behind Las Vegas Evaluation-Journal Mystery Sale
- December 20, 2015

Until Wednesday, the only information released about the new buyer was that it was News + Media Capital Group of DE, which paid $140 million. LAS VEGAS - The ownership mystery surrounding the sale of the Las Vegas Review-Journal has captured the attention of the media industry as the newspaper's staff and some politicians demand to know the identity of the new boss. (more...)
The Mystery Is Over: Billionaire Adelson Owns Las Vegas Paper
- December 20, 2015

The Adelson statement said the paper was purchased through a wholly owned fund as an investment both financially and in the Las Vegas community. Speculation has been rampant since the newspaper's management told staff last Friday that the paper had been sold for $140 million to a newly incorporated Delaware-based shell corporation. (more...)
Fed's Williams wants low rates, hot economy in 2016 Fed's Williams wants low rates, hot economy in 2016
- December 20, 2015

Another rate increase could be on the cards in March or April, with a couple more slated in for later in the year, assuming the Fed sees the kind of economic growth it expects. But British data has since weakened and inflation, at a mere 0.1 percent, is still well below the Bank's 2 percent target. While no change is likely in the first half of 2016, mortgage lenders are already anticipating an increase over the next year and several have increased their fixed rates in recent weeks, Any rate ... (more...)
About 62K Ohioans Have Picked Marketplace Health Plans About 62K Ohioans Have Picked Marketplace Health Plans
- December 20, 2015

During the sixth week of open enrollment from December 6 through December 12, more than 1.3 million uninsured Americans signed up for coverage, and that included 500,000 were new enrollees, according to CMS. "It's going to be either 2.5 percent of your income or up to $695 for an individual so it can be quite a significant cost", said Hudson. There is also a fine for not enrolling children in health insurance coverage. (more...)
California proposes drivers, steering wheels for driver-less cars California proposes drivers, steering wheels for driver-less cars
- December 19, 2015

BMW, Volkswagen, Ford, Honda, Mercedes-Benz, Nissan, Tesla, suppliers Bosch and Delphi, Google and Cruise Automation, all have been granted permission to test their fully-autonomous cars on the public roads of California. A licensed driver with an autonomous vehicle operator certificate , issued by the California DMV, must be present in the vehicle at all times, "and must be capable of taking over immediate control in the event of an autonomous technology failure or other emergency". (more...)
United Kingdom interest rates set to rise after USA makes first move United Kingdom interest rates set to rise after USA makes first move
- December 19, 2015

Adjustments on other rates included an increase of 0.25 percent to 0. 5 percent on the interest paid by banks to hold funds at the Fed and a decrease in the discount rate it charges banks for emergency borrowing from 1 percent down to 0.75 percent. (more...)
House OKs $1.14 trillion year-end budget deal
- December 19, 2015

Last night, Congress passed legislation that permanently extends many tax breaks, which Republicans liked far more than Democrats and probably made scrounging together the votes for the omnibus much easier. Voting for the bill in the House were 150 Republicans and 166 Democrats, while 95 Republicans and 18 Democrats opposed it. Ryan relied on Democratic votes to help pass the measure as Boehner often had to do. (more...)
Self-driving cars could hit a major road block in California Self-driving cars could hit a major road block in California
- December 19, 2015

State officials this week proposed new regulations for autonomous cars, and they want your input. There are no comprehensive federal rules addressing the technology, and as the largest auto market in the US, rules in California are a landmark in the development of self-driving technology. (more...)
Turing Pharma close to replacing CEO Shkreli Turing Pharma close to replacing CEO Shkreli
- December 19, 2015

In October 2014, Shkreli was ousted from Retrophin , a company that he had founded, and faced a lawsuit from the company for $65 million over allegedly breaching his duty of loyalty to the company. The New York Times reports some other pharmaceutical companies may be privately cheering Shkreli's troubles, since it takes the heat off them. Shkreli has since leaned in to the public hatred by egging on critics from his Twitter account and live video broadcasts. (more...)
Shedlon Adelson reportedly new owner of Las Vegas Review
- December 19, 2015

The new buyer was incorporated in September. The ownership mystery surrounding the latest sale of the Las Vegas Review-Journal is capturing the a... On Tuesday evening, the Republican presidential primary debate was held at one of his hotels, the Venetian Resort Hotel Casino. (more...)
Pharma CEO resigns after being charged with fraud
- December 19, 2015

Martin Shkreli, arrested Thursday on charges of securities fraud , has resigned from his CEO post at Turing Pharmaceuticals. In a statement , Turing said the leadership change would have no effect on the availability of Daraprim. His arrest was on charges unrelated to his drug business. In November, however, Shkreli released partial financial results in an effort to demonstrate that Turing was serious about developing new drugs. (more...)
Vegas newspaper buy could be political Vegas newspaper buy could be political
- December 18, 2015

Because the LLC that bought the paper is based in DE, the Review Journal reported , the corporation is not required to publicly declare its owners. The paper, derisively nicknamed "bibiton", a portmanteau of a nickname of Prime Minister Benjamin Netanyahu and the Hebrew word for newspaper, has been criticized by some as a mouthpiece for the premier, who counts the casino owner as one of his largest political donors. (more...)
Federal Bureau of Investigation says it doesn't have the Wu-Tang Clan album Federal Bureau of Investigation says it doesn't have the Wu-Tang Clan album
- December 18, 2015

His comments came after Shkreli was arrested on securities fraud and other charges. He's also accused of lying to investors about one of the fund's size and performance by claiming returns of almost 36 per cent when it had really generated a loss of 18 per cent and saying the fund had $US35 million in assets when it really had less than $US7,000. (more...)
Reviled drug CEO Shkreli reportedly arrested for securities fraud Reviled drug CEO Shkreli reportedly arrested for securities fraud
- December 18, 2015

Instead, the federal case centers on his time as CEO of Retrophin , another biotech company that ousted him past year. The former hedge fund manager is accused of cheating investors and the company out of $US11 million in what the Federal Bureau of Investigation described as a "securities fraud trifecta of lies, deceit, and greed". (more...)
Pharma's bad boy: Livestreaming, rap-loving CEO Martin Shkreli faces fraud charges Pharma's bad boy: Livestreaming, rap-loving CEO Martin Shkreli faces fraud charges
- December 18, 2015

The suit accuses Shkreli of using Retrophin as a slush fund to pay off investors who lost money at MSMB; in some instances he did so by allegedly hiring MSMB investors as fake consultants to Retrophin. After the initial furore, it emerged that during Shkreli's term as CEO and founder of pharmaceutical company Retrophin, it acquired the rights to sell Thiola, used to treat cystinuria, a rare, incurable condition which causes persistent and painful kidney stones. (more...)
Vilified US pharma boss Shkreli arrested
- December 18, 2015

The charges are unrelated to Shkreli's decision to jack up the price of Turing Pharmaceuticals' drug Daraprim from $13.50 a pill to an eye-popping $750. And now he has been indicted on criminal charges that he bilked a company out of millions of dollars. In a video posted last night on his YouTube page, Shkreli is seen answering a phone call during a live stream in which the caller identifies himself as a "special agent" before Shkreli appears to cut him off and hangs up. (more...)