Puerto Rico Idles Power Plants as New Fortress Withholds LNG
The move by the US gas producer was unjustified, according to Puerto Rico energy czar Josue Colon. New Fortress said it made the decision because it's owed millions of dollars from projects that date back to 2020, but his office has no record of those debts, he said Sunday.
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Yahoo
25 minutes ago
- Yahoo
Pharma CEOs downplay impact of tariffs amid rising cost concerns
Despite analyst warnings of heightened financial risk, pharma CEOs across the US and Europe remain confident that the latest US-EU trade deal and associated tariffs will have limited impact. As per a new deal between the two global economic powerhouses, the EU will pay the US a tariff rate of 15% for pharmaceuticals. Medicines are the largest European exports to the US by value, and the EU accounts for approximately 60% of all pharmaceutical imports to the US. Top-selling drugs such as AbbVie's Humira (adalimumab), MSD's Keytruda (pembrolizumab), and Novo Nordisk's Ozempic (semaglutide), for example, are manufactured in Europe and sent to the US, representing billion-dollar markets. Analysts from GlobalData's Pharma Strategic Intelligence team say that: 'Companies manufacturing pharmaceutical products in Europe will need to anticipate financial exposure when planning launches in the US due to the unfavourable gross to net dynamics, weakened pricing leverage with US payers, and slower commercial uptake as insurers reassess cost effectiveness due to the tariffs.' US President Donald Trump has had a sharp focus on the pharma industry since assuming office. Analysts predict that adding duties to incoming goods will likely elevate costs across the pharmaceutical value chain, ultimately raising drug prices for patients. The policies make for interesting analysis when combined with his desire to cut prescription prices in the country. Diederik Stadig, sector economist for TMT & healthcare at ING, wrote in a July note: 'A tariff would hurt consumers most of all, as they would feel the inflationary effect of tariffs directly when paying for prescriptions.' The European Federation of Pharmaceutical Industries and Associations (EFPIA), for example, has maintained that tariffs on medicines are ineffective. The group says such policies only hinder patient access to medicines. GlobalData also forecasts disruptions to launch planning, particularly late-stage assets with EU-based manufacturing and production planned for entry into the US. R&D budgets of pharmaceutical companies are already under pressure and the firefighting of tariffs could place additional strain on resources. CEOs signal resilience CEOs of big pharma companies, however, are maintaining a brave face despite the projected headwinds. The UK-EU trade deal announcement arrived in the middle of the pharma industry's Q2 reporting period, where execs were pressed on financial outlooks. In a Q2 earnings call, AbbVie's CEO Rob Michael said the US company is 'fairly insulated' from any tariff-related impacts in 2025, though caveated that the company would not speculate on the longer-term consequences. AstraZeneca shared the same sentiment. CEO Pascal Soriot said the British-Swedish drugmaker is 'almost self-sufficient in terms of supply,' adding that 'tariffs is not an issue that is really affecting us very much.' However, AstraZeneca is on a long list of pharma companies transferring manufacturing to the US. This includes a $4bn investment to build a new manufacturing plant in Virginia. Sanofi has outlaid $20bn to bolster US manufacturing through 2030 and Roche unveiled a similar $50bn investment strategy, to name just a couple. The team at GlobalData added: 'Ultimately, the recent US-EU trade deal has increased the level of uncertainty within the pharmaceutical industry, raising concerns on the potential of tariffs increasing past 15% in the future. 'While the full impact will take time to unfold, it will be interesting to see the adoption of different strategies on how the pharmaceutical industry looks to balance innovation, and ensuring patient access, while managing the pressures of tariffs as they unfold into a certain reality.' A critical part of the industry's future also relies on the outcome of the US government's Section 232 investigation into the drug sector. The probe, which Trump initiated to evaluate the role of medicine imports on national security, could result in further tariffs being imposed. MSD CEO Rob Davis said in the company's Q2 earnings call: 'We need to see more clarity both from the administration and just overall as to how exactly [the 15% tariff] is going to play out. It's still not clear exactly how this relates relative to the February investigation and the timing of whether these apply now or will be phased in until there's further guidance.' AbbVie's Michael said: 'We're having constructive discussions with the administration on sectoral tariffs. Clearly, the best way to motivate that is through tax incentives as well as a trade agenda that prioritises innovation. We're well positioned as a company, but we're not going to be able to really give you any details until we understand the outcome of the 232 investigation.' Navigate the shifting tariff landscape with real-time data and market-leading analysis. Request a free demo for GlobalData's Strategic Intelligence . "Pharma CEOs downplay impact of tariffs amid rising cost concerns" was originally created and published by Pharmaceutical Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
25 minutes ago
- Yahoo
The jobs data revisions that cost a US government statistician her job
(Reuters) -The revisions to previous estimates of the size of U.S. payrolls gains for May and June that prompted President Donald Trump to fire Bureau of Labor Statistics Commissioner Erika McEntarfer on Friday were by any measure extraordinarily large. Indeed, the combined downward revision for the two months of 258,000 was the largest - outside of those during the early months of the COVID-19 pandemic - since at least 1979. Here's a quick graphical breakdown: FIRST REVISION The monthly nonfarm payrolls report, released typically on the first Friday of each month, includes an initial estimate of employment changes for the immediately preceding month and revisions to the earlier estimates for the prior two months. BLS makes the revisions because more survey responses come in over the ensuing weeks and because it updates the seasonal factors affecting each month's estimates. The BLS on Friday said 133,000 fewer jobs had been created in June than first estimated. Over the last several years, the first estimate of the net change in payrolls each month has been revised lower more often than not. It has been revised down in eight of the last 12 BLS reports over the last year. The downward revision on Friday was the largest since the first estimate of payrolls gains for March 2021, published in April 2021, was revised down by 146,000 a month later. Over the last three years through June, the median estimate revision was -10,000. That contrasts with a median increase of 8,000 during the decade before the pandemic and a median increase of 2,000 over the series history since 1979. SECOND REVISION The total for May's payroll gains was revised lower by 125,000 in Friday's report, when the third estimate for payrolls for that month was published. That figure was the largest downward reduction of payrolls gains for a second revision - outside of the pandemic era - since the estimate for March 1983 was revised down by 127,000 in the report published in June 1983. COMBINED REVISION The combined downward revision for the two previous months - May and June - was larger than anything reported outside of the pandemic era. Indeed, the estimates for the two prior months combined have more often than not been revised higher. Since 1979, the median two-month combined estimate change was an upward revision of 10,000. Measured in absolute terms - revisions in either direction - Friday's revision also stands out. There have only been four larger revisions: +709,000 for November and December 2021; -642,000 for March and April 2020; +285,000 for August and September 1983; and +414,000 for April and May 1981. Solve the daily Crossword
Associated Press
28 minutes ago
- Associated Press
Carrot Expands Network of High-Performing Fertility Providers
Network Expansion Creates Largest, Highest Quality, and Most Flexible Network of Fertility Clinics in the US, Driving High ROI for Customers WEST DES MOINES, Iowa, Aug. 4, 2025 /PRNewswire/ -- Carrot today announced a major expansion to its nationwide network of high-performance clinics and providers with 4,200 new contracts across all 50 states. To complement this growth, Carrot's robust managed fertility clinic network now offers greater flexibility with payments for customers and a more seamless care experience for members. 'Each year, Carrot makes important investments to strengthen our managed network, elevating and evolving the experience for members, customers, and providers,' said James Wong, Carrot's Chief Outcomes Officer. 'In 2025, we made large investments to build on our strong foundation across three key areas: access, payments, and quality. Together, these changes mean even more access, better member experiences, and outstanding clinical outcomes for Carrot customers.' Key managed network expansions include: This network expansion builds on Carrot's momentum in redefining fertility care through a comprehensive, root-cause approach. The company recently announced Sprints, a groundbreaking program that directly targets conditions related to metabolic dysfunction. Together with this network expansion, these advances further enable Carrot to deliver hyper-personalized care by connecting members with top-performing clinics while addressing underlying health factors that affect fertility and pregnancy outcomes. 'Maintaining the best-in-class network isn't just about identifying top performing providers – it's about ensuring that every member receives the highest quality, evidence-based care at the right time, in the right setting, and with clear financial transparency,' said Dr. Asima Ahmad, Carrot's Chief Medical Officer. 'By guiding members individually, Carrot is continuing to improve results, reduce unnecessary and expensive care, and elevate the entire standard of care for fertility.' About Carrot Carrot is the leading global fertility and family care platform, unlocking support for life's major moments. Trusted by more than 1,000 of the world's best multinational employers, health plans and health systems, Carrot's comprehensive clinical program delivers industry-leading cost savings for employers and exceptional experiences for millions of employees. Its award-winning product serves all populations, whether there is a need for preconception care, pregnancy, IVF, male factor infertility, adoption, gestational carrier care or menopause, Carrot supports members and their families through many of the most memorable and meaningful moments of their lives. Carrot has received national and international recognition for its pioneering work, including Fast Company's 'Most Innovative Companies,' CNBC's '100 Barrier Breaking Startups' and more. Carrot is regularly featured in media reporting on issues related to the future of work, women in leadership, and healthcare innovation; such as The Economist, Bloomberg, Elle Magazine (Japanese edition), The Wall Street Journal, ABC, CNBC, National Public Radio, Harvard Business Review and more. View original content to download multimedia: SOURCE Carrot Fertility, Inc.
