Global Glance: Samsung changes output schedule; Mylan to pay $465M EpiPen settlement

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Here are today’s top business headlines from across the nation and world:

Samsung changes Note 7 output schedule after fire reports

SEOUL, South Korea (AP) — Samsung’s crisis with its Galaxy Note 7 smartphone hit a new low on Monday as the company confirmed that it has made production changes, following reports that newly released versions offered as replacements for recalled fire-prone phones have also overheated or caught fire. In a statement and in a regulatory filing, Samsung Electronics said it is “temporarily” adjusting the Galaxy Note 7 production schedule and production volume to “ensure quality and safety matters.” The company added that it will issue an update when more details are available. Read more

China unveils plan to cut corporate debt with stock swaps

BEIJING (AP) — Chinese authorities unveiled plans Monday to let companies give equity in themselves to banks to pay down soaring debt levels that economists warn might hamper the country’s already slowing growth. Companies that show “good prospects” will be allowed to negotiate swaps with lenders, the chairman of the Cabinet planning agency, the National Development and Reform Commission, said at a news conference. The official, Lian Weiliang, stressed the system was intended to use market forces to impose discipline and warned that participants who lose money will not be bailed out. Read more

Mylan to pay $465M settlement over Medicaid EpiPen rebates

Drugmaker Mylan will pay $465 million to settle allegations that it overbilled Medicaid for its life-saving EpiPen, ending one of the controversies over the soaring price of the emergency allergy injection. The settlement with the Department of Justice follows news that EpiPen has been incorrectly classified since late 1997 as a generic product under the Medicaid health program for the poor and disabled. However, the federal government says EpiPen is a branded drug, meaning Mylan should have been paying Medicaid a far higher rebate under the government’s complex pricing rules. Read more

Hart, Holstrom share economics nobel for contract theory

STOCKHOLM (AP) — Two U.S.-based professors won the Nobel prize in economics on Monday for studying how to best design contracts, work that sheds light on when it makes sense to give a CEO a bonus or privatize public services like schools, hospitals and prisons. British-born Oliver Hart of Harvard University and Finnish economist Bengt Holmstrom of the Massachusetts Institute of Technology Finland will share the 8 million kronor ($930,000) award for their contributions to contract theory. Read more

EU economy chief: Greece has met conditions for next loan

BRUSSELS (AP) — The European Union’s top economy official says Greece has met all outstanding conditions required to receive more rescue loans to bolster its debt-strapped economy. EU Economy Commissioner Pierre Moscovici said Monday that Greece has completed the so-called “milestones” needed for the disbursement of an additional 2.8 billion euros ($3.1 billion). Read more

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