UK auto industry under siege as Brexit pressure escalates
LONDON (AP) — Britain’s auto industry is under siege while the government struggles to negotiate a divorce deal with the European Union. As Prime Minister Theresa May tries hammer out an agreement Parliament will support, people in the car business are making decisions based on production cycles, not politics. Some can’t wait for May, and are moving investment out of the country.
NEW YORK (AP) — Now that AT&T’s $81 billion takeover of Time Warner is a done deal, the company is reorganizing its TV and movie businesses to emphasize streaming rather than cable TV networks. AT&T is bringing in a new executive as longtime HBO and Turner chiefs leave. It’s also consolidating operations for different brands to help generate more video for a new streaming service launching this year. Layoffs are expected, although the company is trying to assuage fears that cuts will be substantial.
Lilly to sell cheaper version of top-selling insulin Humalog
INDIANAPOLIS (AP) — Eli Lilly is offering a half-price version of its top-selling insulin Humalog. The drugmaker says it will introduce a version of the diabetes treatment called Insulin Lispro that comes with a list price 50 percent lower than its current rate, about $275 per vial.
3rd time lucky? Nissan ex-chair Ghosn hoping for his release
TOKYO (AP) — The new lawyer of former Nissan chairman Carlos Ghosn says he believes the auto executive’s latest request for release on bail from a Tokyo detention center might succeed. Junichiro Hironaka said Monday that Ghosn promised to accept camera surveillance as a way to monitor his activities. He has been held since his arrest on Nov. 19. Ghosn is charged with falsifying financial reports and with breach of trust. He says he is innocent.
GM restructuring: Production ending at Ohio plant this week
TOLEDO, Ohio (AP) — General Motors says production will end this week at one of five North American plants that it wants to close by next January. A GM spokeswoman said Monday that the last Chevrolet Cruze will come off the assembly line Wednesday at its sprawling Ohio assembly plant near Youngstown. The plant closings in the U.S. still must be negotiated with the union, so some workers at GM’s Lordstown plant in Ohio are hoping it still can be saved.
OxyContin maker: Lawsuit distorts facts, scapegoats company
OxyContin maker Purdue Pharma is asking a Massachusetts court to throw out a lawsuit filed by the state’s attorney general that accuses the company, its owners and top executives of deceiving patients and doctors about the risks of opioids. Purdue argues the lawsuit distorts facts, mischaracterizes internal company documents and makes oversimplified claims. A spokeswoman for the attorney general said Monday the office would fight the attempt to dismiss the case.
US to publish its own economic data on Puerto Rico
SAN JUAN, Puerto Rico (AP) — The U.S. government says it will begin to publish economic data on Puerto Rico amid concerns that statistics released by the U.S. territory itself are flawed. The Bureau of Economic Analysis said Monday that it will analyze consumer spending, business investment and trade in goods from 2012 through 2017, as well as in the future. The agency said that the data will be published later this year and that its work could eventually lead to an estimate of Puerto Rico’s gross domestic product.
FDA chief calls out Walgreens over tobacco sales to minors
WASHINGTON (AP) — A top U.S. regulator wants to meet with Walgreens leaders to discuss whether the drugstore chain has a problem with illegal tobacco sales. Scott Gottlieb of the Food and Drug Administration said in a letter Monday that Walgreens is a top violator among drugstores that sell tobacco. A Walgreens representative says the company prohibits tobacco sales to minors and welcomes a meeting with the FDA.
Office Depot and Alibaba opening online store
NEW YORK (AP) — Office Depot and Alibaba.com are creating an online store to expand the reach of both companies with small businesses. The two companies announced the agreement Monday as part of a broader array of services they are providing to small business.
Health care, tech lead losses for stocks on Wall Street
NEW YORK (AP) — Health care companies led stocks lower on Wall Street Monday as investors waited for more details on reports that the U.S. and China are moving closer to a deal to resolve their costly trade dispute. The sell-off was most pronounced in sectors that have shown strong gains over the last two months, including health care and technology. The world’s two largest economies have pulled back from an immediate escalation of their damaging trade war since they started negotiating last month.
The S&P 500 index dropped 10.88 points, or 0.4 percent, to 2,792.81. The Dow Jones Industrial Average fell 206.67 points, or 0.8 percent, to 25,819.65. The Nasdaq composite lost 17.79 points, or 0.2 percent, to 7,577.57. The Russell 2000 index of smaller companies gave up 14.20 points, or 0.9 percent, to 1,575.44.