COMPANY NEWS IN BRIEF

J&J reaches opioid settlementJohnson & Johnson on Friday said it had agreed to pay US$44 million to resolve claims that it fuelled the opioid epidemic in New Mexico, a state which originally opted against participating in a nationwide settlement resolving thousands of similar cases.The New Brunswick, New Jersey-based drugmaker said the US$44 million was consistent with the terms of a proposal for J&J and drug distributors McKesson Corp, AmerisourceBergen Corp and Cardinal Health Inc to pay up to US$26 billion to resolve the cases nationally.New Mexico Attorney General Hector Balderas, a Democrat, initially declined to take part in those settlements but last month said his state would participate in the distributors' US$21 billion deal. He did not join J&J's US$5 billion deal at that time.Under Friday's accord, J&J agreed to pay New Mexico its share of the nationwide settlement in 2022, rather than over several years, if all of the state's local governments signed on by May 31."Opioids have destroyed families in New Mexico, and local communities and addiction professionals still need vital funding to save lives and fight this ongoing tragic epidemic," Balderas said in a statement. -ReutersNetflix raises subscription prices Netflix Inc has raised its monthly subscription price by US$1 to US$2 per month in the United States depending on the plan, the company said on Friday, to help pay for new programming to compete in the crowded streaming TV market.The standard plan, which allows for two simultaneous streams, now costs US$15.49 per month, up from US$13.99, in the United States. Prices also rose in Canada, where the standard plan climbed to C$16.49 from C$14.99.Shares of Netflix gained nearly 3% to US$533.84 on Nasdaq after Reuters broke the news of the price rises. They closed 1.3% higher at US$525.69.The increases, the first in those markets since October 2020, took effect immediately for new customers. Existing members will see the new prices in the coming weeks when they receive their monthly bills."We understand people have more entertainment choices than ever and we’re committed to delivering an even better experience for our members," a Netflix spokesperson said. -ReutersFord valued over US$100 bln Ford Motor Co's market value breached US$100 billion for the first time on Thursday, as more investors bet on the Detroit automaker's electrification strategy.The company's shares, which have more than doubled in value last year, were up 3.7% in afternoon trade after hitting a more than two-decade high earlier.Ford is now worth more than its century-old rival General Motors, whose market cap stands at about US$88.61 billion and EV start-up Rivian Automotive, whose value is about US$77.8 billion.But, the automakers are still dwarfed by EV leader Tesla Inc, which has a market cap of over US$1 trillion.Shares of Tesla were down 4.7% on Thursday after a report said the company updated its Cybertruck model webpage to remove references to the year 2022.Ford's gains come amid its plans to double production capacity for the electric version of its hugely popular F-150 pickup truck to 150 000 vehicles as part of Chief Executive Jim Farley's aggressive electrification strategy. -ReutersTPG valued at over US$10 blnTPG shares rose nearly 12% in their stock market debut on Thursday, valuing the 30-year-old private equity firm at more than US$10 billion, after the company went public to cash in on a pandemic-driven boost to the buyout industry's profits.TPG will be looking at expanding its franchise into other areas such as credit and infrastructure, Chief Executive Officer Jon Winkelried told Reuters in an interview."We will continue to build on the business in the way we have historically, organic growth, seeing opportunities and building into it," he said.TPG's stock market debut comes a decade after most of its major peers went public. The firm spent years recovering from a string of poor investments in the 2000s and diversifying its private-equity platform into growth and social impact investing.The buyout giant expects to continue generating its targeted returns notwithstanding the prospects of interest rate increases by the US Federal Reserve this year, which could result in choppy markets and falling valuations, co-founder Jim Coulter told Reuters. -ReutersGoogle buys London siteTech giant Google has spent US$1 billion to buy a central London building where it is currently a tenant, showing its confidence in the future of the office as a place to work, the company said on Friday.Google, which employs 6 400 people in Britain, plans a multi-million-pound refurbishment of its offices within the Central Saint Giles development it is buying, close to Covent Garden in central London."We have been privileged to operate in the UK for nearly 20 years, and our purchase of the Central Saint Giles development refects our continued commitment to the country's growth and success," said Ruth Porat, CFO of Google's parent company Alphabet.Google plans to refit the building so it is adapted for in-person teamwork and has meeting rooms for hybrid working, as well as creating more space for individuals.The new refurbishment will also feature outdoor covered working spaces to enable work in the fresh air, the company said. -Reuters

COMPANY NEWS IN BRIEF

Comments

Namibian Sun 2022-05-29

Please login to leave a comment

COMPANY NEWS IN BRIEF

Comments

Namibian Sun 2022-05-29

Please login to leave a comment

Login