Global Glance: House OKs drug approval bill; OPEC cuts to have muted effect on consumers

Powered by The Associated Press

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

House OKs bill bolstering medical research, drug approvals

WASHINGTON (AP) — The House easily approved a sweeping biomedical bill Wednesday that would help drug and medical device companies win swifter government approval of their products, boost disease research and drug-abuse spending and revamp federal mental health programs. The compromise, which envisions spending $6.3 billion over the next decade, was condemned by consumer groups and some Democrats as a present to drugmakers that promised only paltry spending increases for underfunded federal programs. Read more

OPEC cuts will have a muted effect on consumers

DALLAS (AP) — OPEC’s decision to cut production gave an immediate boost to oil prices, but the impact on consumers and the U.S. economy is likely to be more modest and gradual. The cartel agreed Wednesday to cut output by 1.2 million barrels a day, reversing a strategy that produced lower oil prices and pain for U.S. drillers but saved money for consumers. Even if OPEC members carry through on their promises, global oil production would only fall by about 1 percent. There is still more supply than demand – the reason oil prices collapsed beginning in mid-2014. Read more

Danish shipping group acquires German container company

COPENHAGEN, Denmark (AP) — Danish conglomerate A.P. Moller-Maersk A/S says it has acquired a German container shipping company that is ranked as the world’s seventh largest container line. Maersk says Hamburg Sud operates 130 container vessels and has nearly 6,000 employees in more than 250 offices worldwide. Read more

EU: On track to meet 2020 targets on renewables, emissions

COPENHAGEN, Denmark (AP) — The European Environment Agency says EU members “are collectively well on their way” to meeting 2020 targets on renewables, energy efficiency and greenhouse gas emissions. The Copenhagen-based agency says that despite a slight energy consumption increase in 2015, the bloc in recent years had lowered its energy consumption and was increasingly using renewable energy. Read more

China hikes tax on imported luxury cars

BEIJING (AP) — Chinese buyers of eye-poppingly expensive luxury cars will have to pay extra under Beijing’s latest effort to rein in ostentatious spending. The communist government has added a 10 percent import tax, effective Thursday, on “super-luxury vehicles” priced above 1.3 million yuan ($190,000). The Finance Ministry said it is aimed at encouraging “rational consumption” and curbing energy use and emissions. Read more

Blame wages and turtle doves: ‘12 days’ now costs $34,363

PITTSBURGH (AP) — The slow recovery of the U.S. economy is continuing to keep the cost of Christmas – or at least the gifts listed in “The Twelve Days of Christmas” – from spiraling out of control. The price of two turtle doves jumped from $290 to $375 this year, but nine of the other 12 gifts listed in the carol stayed the same price or became cheaper, including a partridge in a pear tree, according to the 33rd annual PNC Wealth Management Christmas Price Index released Thursday. Read more

Want the state’s top business and entrepreneurship news in your inbox? Sign up here for our newsletters.

Leave a Reply

Have you heard?

Missouri Business Alert is participating in CoMoGives2019!

Find out how we plan to use your gift to enhance training and programming for our students