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☆ Is AI a Painkiller or a Vitamin?
▼ + stars: | 2023-11-05 | by ( Andy Kessler | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week’s best and worst from from Kyle Peterson, Mary O’Grady and Dan Henninger. Images: AP/Zuma Press/Reuters Composite: Mark KellyLast week, the White House issued an executive order for command and control of artificial intelligence, strangely invoking the Defense Production Act. Added to the order were a mishmash of unhelpful notions like “advancing equity” and collective bargaining. It feels longer, with so many new players and capabilities beyond text, including open-source large language models that run on PCs and maybe on phones. Will generative AI take our jobs?

Persons: Kyle Peterson, Mary O’Grady, Dan Henninger, Mark Kelly, Biden, It’s, OpenAI’s ChatGPT Organizations: Zuma Press, Reuters, White House

By then, county officials were seeing the area’s fatal opioid overdose toll tick up. “We were grossly underprepared, like I think many places across the country were, for the opioid epidemic,” Stuby said. Like hundreds of U.S. communities, it's launched a drug court where people can avoid jail if they work on recovery. They can lead to an entry-level certificate for work in the field — a partial answer to a recovery workforce crunch. His research has shown that recovery support services — such as housing, community centers and peer coaching — can help.

Persons: ”, Precia Stuby, “, Stuby, Jesse Johnson, Johnson, Anonymous, ” Stuby, didn’t, —, ” Johnson, it's, Kerri Kostic, Kostic, God, Meelee Kim, “ It’s, John F, Kelly, ____, haven't, Misty Weaver, Weaver, ___ Christina McCarver, ‘ Let’s, who's, McCarver, William Mull, Cory Kinn, “ That’s, they’ve, ___, she’s, I’ve, ” ___ Johnson, Patrick Orsagos Organizations: —, Findlay, Technology, University of Findlay, Brandeis University, Harvard Medical School, Family Resource, AP, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group Locations: FINDLAY , Ohio, Findlay, Hancock, drugmakers, Hancock County, U.S, Toledo, Mull, COVID, Washington

Bottles of prescription painkiller OxyContin made by Purdue Pharma LP sit on a shelf at a local pharmacy in Provo, Utah, U.S., April 25, 2017. The settlements, which require a judge's approval, were disclosed in papers filed on Tuesday in federal court in San Francisco. The money is on top of $641.5 million that McKinsey already paid to resolve claims by state attorneys-general. McKinsey will pay $207 million to resolve claims by counties and municipalities, and another $23 million to resolve claims by public school districts. Aelish Baig, a lawyer for the local governments, in a statement called the deal "a strong outcome for the communities harmed by this crisis".

Persons: painkiller OxyContin, George Frey, Aelish Baig, McKinsey, Joe Biden's, Purdue Pharma's, Nate Raymond, Miral Organizations: Purdue Pharma, REUTERS, Companies Mckinsey, Company, Consulting, McKinsey, Co, U.S . Centers for Disease Control, U.S, Supreme, Purdue, Thomson Locations: Provo , Utah, U.S, San Francisco, United States, Boston

Louis Milione retired from the DEA a second time this summer amid reporting by The Associated Press on potential conflicts caused by his prior consulting for the pharmaceutical industry. Milione had spent four years at Guidepost prior to his return, leveraging his extensive experience and contacts from a 21-year DEA career. “Should we say Welcome Back?” Guidepost quipped in a social media post this week announcing Milione’s rehire as president of global investigations and regulatory compliance. His career stands out for two cycles through the revolving door between government and industry, raising questions about the potential impact on the DEA’s mission to police drug companies blamed for tens of thousands of American overdose deaths. Morris & Dickson is still challenging the ruling, which threatens to put the $4 billion a year company out of business.

Persons: Louis Milione, Milione, Anne Milgram’s, “, ” Guidepost, Milione’s rehire, they’re, ”, Jeff Hauser, Viktor Bout, rehire Milione, Milgram, Lou Milione, Morris, Dickson, ” Milgram Organizations: WASHINGTON, Enforcement, Purdue Pharma, Associated Press, Guidepost Solutions, Justice, DEA’s, Dickson Co, DEA, AP, Morris, Department of Justice Locations: New York, America, Shreveport , Louisiana, Investigative@ap.org

☆ Fentanyl Found Near Nap Mats at Day Care Where Boy Died, Police Say
▼ + stars: | 2023-09-18 | by ( Corey Kilgannon | More About Corey Kilgannon | ) www.nytimes.com time to read: +1 min

Fentanyl was found near mats that children used for napping at a Bronx day care where one toddler died and three other children were hospitalized last week, the police said on Monday night. “It was laid underneath a mat where the children had been sleeping earlier,” Joseph Kenny, the Police Department’s chief of detectives, said at a news conference Monday evening. Chief Kenny said that investigators were working with federal authorities to discover whether the day care, Divino Niño on Morris Avenue, was opened as a front for a drug operation. Emergency medical workers were called on Friday afternoon to the day care center, where they administered the overdose-reversal medication Narcan and then rushed the children to hospitals. Medical tests showed fentanyl in the three children sickened but not killed.

Persons: ” Joseph Kenny, Kenny, Divino Niño Organizations: Police Locations: Morris

☆ Deaths haunt Corporate America via labor strikes
▼ + stars: | 2023-09-15 | by ( Ben Winck | ) www.reuters.com time to read: +5 min

United Auto Workers union President Shawn Fain joins UAW members who are on a strike, on the picket line at the Ford Michigan Assembly Plant in Wayne, Michigan, U.S., September 15, 2023. Manufacturing plants in Wentzville, Missouri, Wayne, Michigan and Toledo, Ohio will be empty as Ford Motor (F.N), General Motors (GM.N), and Stellantis (STLAM.MI) try to reach an agreement with the United Auto Workers collective bargaining committee. Deaths among the demographic that make up the workforce in the transportation sector are partly putting pressure on the problem. Follow @BenWinck on XCONTEXT NEWSThe United Auto Workers union started simultaneous strikes at Ford, General Motors and Stellantis on Sept. 15 after last-minute labor negotiations failed to result in a deal. Pilots organized with the Air Line Pilots Association rejected a tentative labor deal with Fedex on July 24.

Persons: Shawn Fain, Rebecca Cook, they’re, Alan Krueger, walkouts, it’s, “, Darren Hawkins, Sean O’Brien, Lauren Silva Laughlin, Sharon Lam Organizations: United Auto Workers, Ford Michigan Assembly Plant, REUTERS, Rights, Reuters, Ford, General Motors, Bureau of Labor Statistics, White, Richmond Federal Reserve, Reuters Graphics Reuters, United Airlines, Sensible, Pilots, Air Line Pilots Association, Fedex, Delta Air Lines, International Brotherhood of Teamsters, of Labor Statistics, Thomson Locations: Wayne , Michigan, U.S, Wentzville , Missouri, Toledo , Ohio

The number of prescription opioid pills shipped in the U.S. in the second half of the 2010s decreased sharply even as a nationwide overdose crisis continued to deepen, according to data released Tuesday. But Mougey pointed out that as prescription drug shipments decreased, illicit opioids — particularly heroin and illegally produced versions of fentanyl — increased. During that time, prescription drugs were the opioids linked to the most deaths in the U.S. The newly released data is the first deep look at what happened with prescription drug shipments later in the 2010s. By the early 2010s, policymakers and doctors were restricting access to prescription opioids.

Persons: ” Peter Mougey, Mougey, Dan Polster, Sackler, Polster, ” Polster Organizations: U.S . Drug, Administration, System, U.S, District, Washington Post, HD Media, Purdue Pharma, Kroger Locations: U.S, ARCOS, Appalachia, Cleveland, West Virginia

☆ VC Ford Smith used psychedelics and biohacking to pull himself out of a deep depression. Here's why he's backing more startups in the space.
▼ + stars: | 2023-09-07 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +7 min

His experience inspired him to focus his investment firm on backing psychedelic startups. But VCs, including Smith, are still betting big on startups in the space that seem especially promising. It wasn't until he tried psychedelics — including Ayahuasca, a plant-derived hallucinogenic drink, and iboga, an African root bark — that his mental health finally improved. Energized by his own experience, Smith reworked his cannabis-focused VC firm Ultranative into a one-stop-shop for psychedelic startups. Smith and Ultranative are far from the only investors pumping money into psychedelic startups.

Persons: Ford Smith, wean, South America —, Ayahuasca, Ultranative, Smith, didn't, Lyme, psychedelics, Rick Doblin, he's Organizations: innovating, Venture, Anonymous, Multidisciplinary Association for Psychedelic Studies, pharma, FDA, PsyMed Ventures, Lionheart Ventures, Iter Investments, Neo Kuma Ventures, Therapeutics Locations: Austin, South America, U.S, Oregon, Colorado, psychedelics, Texas, Los Angeles, Massachusetts

☆ Rudy Giuliani helped Purdue Pharma keep selling OxyContin. Here's the real story behind what's depicted in 'Painkiller.'
▼ + stars: | 2023-08-18 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

Giuliani helped Purdue Pharma strike a deal with the government to keep selling the drug. Purdue Pharma hired Giuliani back in 2002, representing the first client his consulting firm ever landed, The New York Times reported in 2007. By getting Brownlee to agree to prosecute the parent company, Purdue Frederick, rather than Purdue Pharma, Giuliani and his team were also able to prevent a ban against Purdue Pharma doing future business with the federal government, which manages public health programs like Medicaid, Medicare, and the Veterans Administration health system, The Guardian reported. Under our settlement, Purdue Pharma would cease to exist and Knoa Pharma, a newly formed company with a public-minded mission, would emerge. The settlement would deliver over $10 billion of value for opioid crisis abatement, overdose rescue medicines, and victim compensation."

Persons: Trump, Rudy Giuliani, Giuliani, — Rudy Giuliani, Sackler, OxyContin, Edie Flowers, Uzo Aduba, Patrick Radden Keefe, John Brownlee's, James Comey, Brownlee, who'd, Purdue Frederick Organizations: Netflix, Former New York City Mayor, Purdue Pharma, Service, Purdue, New, New York City, OxyContin, The New York Times, Guardian, Veterans Administration, Knoa Pharma Locations: Wall, Silicon, New York, New York City, OxyContin

☆ Addiction Treatment Eludes More Than Half of Americans in Need
▼ + stars: | 2023-08-15 | by ( Noah Weiland | More About Noah Weiland | ) www.nytimes.com time to read: +4 min

Why It Matters: Opioid addiction affects every part of American society. Rural and white Americans were the likeliest to report personal or family opioid addiction, but significant percentages of Black, Hispanic, urban and suburban families did, as well. Overdose fatality rates among Black Americans have climbed substantially in recent years, the Centers for Disease Control and Prevention found in a study last year. A third of Americans fear that someone in their family will die of an opioid overdose, researchers discovered. Methadone, another opioid addiction medication that alleviates cravings, is heavily regulated and often difficult for drug users to access and use continuously, prompting repeated calls from addiction physicians and public health experts for easing restrictions.

Persons: KFF, “, —, ”, naloxone, David Fiellin, Biden Organizations: Centers for Disease Control, Yale School of Medicine, AIDS Locations: ”, Georgia, South Carolina

The settlement involving Purdue, the maker of the prescription painkiller OxyContin, touches on one of the country’s largest public health crises. Experts say the decision may also have important consequences for other cases that use the bankruptcy system to settle claims of mass injuries. Here’s what you need to know about the court’s decision:Why did the Supreme Court decide to weigh in? It’s rare for the Supreme Court to agree to hear a bankruptcy court dispute, experts say, especially one dealing with a settlement agreement in a mass-injury case. Trustee Program, a watchdog office within the Justice Department, that petitioned the Supreme Court to review the deal.

Persons: Sackler Organizations: Supreme, Purdue Pharma, Purdue, U.S ., Justice Department Locations: U.S

☆ Supreme Court Pauses Opioid Settlement With Sacklers Pending Review
▼ + stars: | 2023-08-10 | by ( Abbie Vansickle | More About Abbie Vansickle | ) www.nytimes.com time to read: +1 min

The Supreme Court agreed on Thursday to consider the government’s challenge of a bankruptcy settlement involving Purdue Pharma, putting on pause a deal that would have shielded members of the wealthy Sackler family from civil opioid lawsuits in exchange for payments of up to $6 billion to thousands of plaintiffs. In doing so, the court sided with the Justice Department, which had requested the court put the settlement plan on hold while it considered reviewing the agreement. The government has argued that the family behind Purdue Pharma, maker of the prescription painkiller OxyContin, should not be able to take advantage of legal protections meant for debtors in “financial distress.”The court’s order, which was unsigned, gave no reasons and included no public dissents, adds to the uncertainty around the plan to compensate states, local governments, tribes and individuals harmed by the opioid crisis while offering protection for the Sackler family. The order specified that the justices would hear arguments in the case in December. The court’s decision to take up the challenge to the bankruptcy agreement is the latest twist in the yearslong legal battle over compensation for victims of the prescription drug crisis.

Persons: Sackler Organizations: Purdue Pharma, Justice Department

☆ Fast, cheap and deadly
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +18 min

Fast, cheap and deadly How fentanyl replaced heroin and hooked AmericaLeer en EspañolReuters obtained and analyzed ten year’s worth of data on drugs seized by U.S. Customs and Border Protection (CBP) agents at ports of entry along the southern border. It shows: Fentanyl seizures by weight more than tripled in the last quarter of 2022 compared to a year earlier. Pills were mentioned in nearly half of fentanyl border seizure incidents in 2022, up from just 6% five years earlier. A fifth of fentanyl seizures take place on pedestrians, the Reuters analysis shows. Over the same period, heroin seizures fell more than 80% from over 2,000 kg, according to the Reuters analysis.

Persons: Bryce Pardo, Troy Miller, Joe Biden, Andres Manuel Lopez Obrador, ”, Chris Urben, Urben, Joaquin ‘ El Chapo ’ Guzman, “, CBP’s Miller, Jonathan Caulkins, James Mandryck, Oxycontin, Lopez Obrador, narcotrafficking, Lopez, Rosa Rodriguez, Cecilia Farfan, Mendez, Freed, Pardo, Romain Le Cour, Cour, Carlos Perez, Perez Organizations: Reuters, U.S . Customs, Border Protection, U.S . Centers for Disease Control, United Nations Office, Drugs, DEA, CBP, U.S, Nardello, Carnegie Mellon University, U.S . Postal Service, Chinese Foreign Ministry, Mexico's, North, Forensic Laboratory, University of California, Global, Transnational, U.S . Congress ’ Commission, New Generation, Center for Research Locations: Mexican, U.S, Mexico, Sinaloa, El Paso, Arizona’s Nogales, United States, offscreen, sierra, China, Beijing, Washington, University of California San Diego ., ”, New, New Generation Jalisco, Mexico City

☆ What Distinguishes a Neil Breen Film? Neil Breen.
▼ + stars: | 2023-08-07 | by ( Rumsey Taylor | More About Rumsey Taylor | ) www.nytimes.com time to read: +3 min

All of Breen’s films seem clearly to mean something, and watching them, one’s suspension of disbelief is constantly threatened by strange directorial choices. “Pass-Thru” culminates in his darkest sequence, with Thgil — another of the messianic aliens in which Breen specializes — walking toward the horizon’s vanishing point. “Fateful Findings,” which I and many others consider Breen’s most deranged film, exemplifies the tonal stiltedness and libertarian rage that pervades his work. For many audiences the natural response to Breen’s films is laughter. Breen plays a double role, twins Cale and Cade, bestowed at birth with superhuman powers and pitted against each other with potentially world-changing consequences.

Persons: Thgil, Breen, Thgil —, “, ”, Tommy Wiseau, Ed Wood, Wood, Cale, Cade Organizations: Media, West Coast Locations: West Hollywood, Calif, Las Vegas, Chicago

☆ Arts Calendar: Happenings for the Week of August 6
▼ + stars: | 2023-08-06 | by ( Wsj Arts In Review Staff | ) www.wsj.com time to read: 1 min

Uzo Aduba and Matthew Broderick in ‘Painkiller’ Photo: NETFLIXFilm• “The Last Voyage of Demeter” (Aug. 11): If sailors thought scurvy was the scariest threat they’d face at sea they’d be wrong—at least if they had Dracula on board as an unwelcome stowaway. The new film from André Øvredal (“The Autopsy of Jane Doe”), based on a chapter of Bram Stoker ’s classic horror novel, stars Corey Hawkins , Aisling Franciosi, Liam Cunningham , David Dastmalchian and Javier Botet in a tale of nautical haunting.

Persons: Uzo Aduba, Matthew Broderick, ‘ Painkiller, Demeter ”, André, Jane Doe ”, Bram Stoker ’, Corey Hawkins, Aisling Franciosi, Liam Cunningham, David Dastmalchian, Javier Botet Organizations: NETFLIX

REUTERS/George Frey/File PhotoNEW YORK, Aug 4 (Reuters) - Oxycontin maker Purdue Pharma on Friday asked the U.S. Supreme Court to reject the U.S. Department of Justice's request to delay its multi-billion-dollar bankruptcy settlement resolving thousands of lawsuits against it over the opioid epidemic. The department's bankruptcy watchdog last week asked the Supreme Court to pause the settlement, which would shield the company's Sackler family owners from opioid lawsuits in exchange for a $6 billion contribution to a broader settlement with states, local governments and victims of addiction. The Department of Justice (DOJ) asked the high court to put the deal on hold after a federal appeals court rejected a proposed delay. That position was echoed by a group representing 60,000 people who have filed personal injury opioid claims in Purdue's bankruptcy. Similar lawsuits related to the U.S. opioid crisis have resulted in more than $50 billion in settlements with manufacturers, drug distributors and pharmacy chains.

Persons: George Frey, Sackler, Purdue's, OxyContin, Dietrich Knauth, Grant McCool Organizations: Purdue Pharma, REUTERS, U.S, Supreme, U.S . Department, of Justice, Purdue, Thomson Locations: Provo , Utah, U.S, Purdue's

NEW YORK, July 28 (Reuters) - The U.S. Department of Justice on Friday asked the U.S. Supreme Court to stop Purdue Pharma from proceeding with a bankruptcy settlement that protects its Sackler family owners from lawsuits. Purdue's bankruptcy plan would shield its owners from opioid lawsuits in exchange for a $6 billion contribution to the company's broader bankruptcy settlement. Approving Purdue's bankruptcy plan "would leave in place a roadmap for wealthy corporations and individuals to misuse the bankruptcy system," the U.S Trustee argued. They said in May that the bankruptcy settlement would provide "substantial resources for people and communities in need." The Supreme Court set an Aug. 4 deadline for Purdue to respond.

Persons: Sackler, OxyContin, Dietrich Knauth, Matthew Lewis Organizations: YORK, U.S . Department of Justice, U.S, Supreme, Purdue Pharma, Purdue, U.S . Trustee, The U.S, Thomson Locations: Purdue's, U.S, Connecticut, New York

☆ Pfizer says supply of some drugs may be disrupted after NC tornado
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, July 24 (Reuters) - Drugmaker Pfizer Inc (PFE.N) said over 30 drugs, including injections of painkiller fentanyl and anesthetic lidocaine, may see supply disruption after a tornado destroyed a warehouse at its Rocky Mount, North Carolina, plant last week. The company sent a letter late last week to its hospital customers saying it had identified around 64 different formulations or dosages of those more than 30 drugs produced at the plant that may experience continued or new supply disruptions. The company has placed limits on how much supply of those drugs its customers can buy. It said the list was "based on Pfizer market share and inventory levels of less than 3 months across our Pfizer distribution centers and the wholesale chain." The Rocky Mount plant is one of the largest factories for sterile injectable medicines in the world.

Persons: Albert Bourla, Michael Ganio, Michael Erman, Aurora Ellis Organizations: YORK, Drugmaker Pfizer Inc, Pfizer, American Society of Health, System, Thomson Locations: North Carolina

☆ Opinion | Barbara Kingsolver Thinks Urban Liberals Have It All Wrong on Appalachia
▼ + stars: | 2023-07-21 | by ( The Ezra Klein Show | ) www.nytimes.com time to read: +58 min

It’s like there’s no point in asking who started this because it’s a really, really old antagonism. I think that’s probably what’s most critical right now is that all of our entertainment, our news media, it’s all made in cities. And he’s really pretty horrible, and he doesn’t feed them enough, and that’s really sad. You’re going to have a flat tire, and the guy that pulls up to help you is going to tell your dad within minutes. It’s not like most books you’re going to see.

Persons: Ezra Klein, ezra klein, —, Hernan Diaz, Barbara Kingsolver, “ David Copperfield ”, Dickens, It’s, barbara kingsolver, you’ve, ezra klein We’re, Nobody, I’d, I’ve, Bobby Ann Mason’s, “, — Wendell Berry, Robert Penn Warren, James Still, Harriette, Taylor Greer, you’re, George Washington, ” he’s, — he’s, he’s, I’ll, They’re, George W, Bush, they’re, barbara kingsolver You’re, we’ve, That’s, that’s, I’m, ” barbara kingsolver, barbara kingsolver Oh, barbara kingsolver ezra klein barbara kingsolver, ezra klein Yes, we’re, Charles Dickens, “ David Copperfield, ”, Tommy, ” It’s, ezra klein There’s, barbara kingsolver There’s, Tommy Traddles, Tommy Waddles, who’s, He’s, We’re, Tommy’s, she’s, it’s, Beth Macy, overdosed, ” ezra klein, There’s, grandkids, they’ve, Dori, doesn’t, Peggot, Frances Goldin, Arwen Donahue, She’s, Beth Macy’s, Lazarus, Laline Paull, ezra klein Barbara Kingsolver Organizations: New York, Fiction, Trump, Nicholas County High School, DePauw University, Walmart, The New York Times, . Times, New York Times, Farmers, “, Knoxville —, Purdue Pharma, Purdue, aha, Scots Locations: Appalachia, It’s, Georgia, Tennessee, North Carolina, Virginia, Kentucky, West Virginia, Pennsylvania, U.S, exploitations, Congo, Caribbean, Indiana, Nicholas, Arizona, Europe, Tucson , Arizona, Tucson, Paris, Athens, France, “ Shiloh, MAGA, America, Brazil, Eastern Europe, There’s, California, New York, “, Tommy, Pennington, Knoxville, there’s, nove, Lee County, that’s Lee County, that’s, United States of America, who’s, New York City

MEXICO CITY, July 18 (Reuters) - Precursor chemicals used by Mexican cartels to make the deadly opioid fentanyl do not come from China, its embassy in Mexico said on Tuesday, rejecting U.S. officials' accusations. China had denied the illegal trafficking of fentanyl to Mexico in an April statement, though it did not address precursor chemicals. The embassy on Tuesday said China was "actively coordinating and strengthening" supervision of drug-making substances with Mexico. The U.S. embassy in Mexico and Mexico's foreign ministry did not immediately respond to requests for comment. Last week, the U.S. Treasury sanctioned 10 people with suspected ties to the Sinaloa Cartel's fentanyl network, as well as a company accused of importing chemicals from China.

Persons: Joe Biden's, Mexico Ken Salazar, Salazar, Kylie Madry, Isabel Woodford, Robert Birsel Organizations: MEXICO CITY, U.S . Drug, Administration, U.S . Treasury, Thomson Locations: MEXICO, China, Mexico, U.S, United States, Canada, The U.S, Sinaloa

☆ US slaps sanctions on Sinaloa Cartel fentanyl network
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, July 12 (Reuters) - The U.S. Treasury Department on Wednesday imposed sanctions on 10 Mexican nationals and one company in the country for their alleged involvement in the Sinaloa Cartel's vast illicit fentanyl trafficking network. The sons, known as "Los Chapitos," are accused of leading a faction of the Sinaloa Cartel after their father's 2016 capture and extradition to the U.S. a year later. The U.S. Treasury also sanctioned an import-export company, REI Compania Internacional, and its majority shareholder for allegedly receiving chemical shipments from China. Lopez Obrador added that his Security Minister Rosa Icela Rodriguez would meet this month with U.S. U.S. President Joe Biden's administration has been seeking increased cooperation from Mexico and China in stemming the flow of fentanyl and its precursor chemicals.

Persons: Noel Lopez Perez, Joaquin, El, Ricardo Paez Lopez, El Chapo's, Ovidio Guzman Lopez, Andres Manuel Lopez Obrador, Lopez Obrador, Rosa Icela Rodriguez, Elizabeth Sherwood, Randall, Joe Biden's, Kylie Madry, Stefanie Eschenbacher, Raul Cortes, Sarah Morland, Mark Heinrich, Josie Kao Organizations: MEXICO CITY, U.S . Treasury Department, Treasury, Foreign Assets, U.S . Treasury, REI Compania Internacional, U.S . Homeland Security, Thomson Locations: MEXICO, Sinaloa, U.S, United States, Mexico, China, Mexican

☆ U.S. files first-ever charges against Chinese fentanyl manufacturers
▼ + stars: | 2023-06-24 | by ( ) www.cnbc.com time to read: +1 min

The U.S. Justice Department on Friday filed criminal charges against four Chinese chemical manufacturing companies and eight individuals over allegations they illegally trafficked the chemicals used to make fentanyl — a highly addictive painkiller that has fueled the opioid crisis in the United States. The indictments mark the first time the U.S. has sought to prosecute any of the Chinese companies responsible for manufacturing precursor chemicals used to make the painkiller. Chinese Embassy spokesperson Liu Pengyu condemned the move as "a well-planned entrapment operation by the U.S. side, which seriously infringed upon the legitimate rights of relevant enterprises and individuals." He said such "long-arm jurisdiction" would create more obstacles for China-U.S. counter-narcotics cooperation. The move came after Antony Blinken made the first visit to China by a U.S. Secretary of State in five years and said he had made clear that Washington needs much greater Chinese cooperation to stem the flow of fentanyl.

Persons: General Merrick Garland, Lisa Monaco, Robert F, Kennedy, Liu Pengyu, Antony Blinken, Joe Biden, Xi Jinping Organizations: Attorney, Eastern, of, U.S, U.S . Justice, Embassy Locations: of New York, Washington ,, United States, China, U.S, Washington

The indictments mark the first time the U.S. has sought to prosecute any of the Chinese companies responsible for manufacturing precursor chemicals used to make the painkiller. The companies at the heart of the three separate indictments are accused of selling precursor chemicals to the Sinaloa Cartel in Mexico, which in turn has flooded the U.S. with the drug. Federal prosecutors in Manhattan announced the unsealing of an indictment against the China-based chemical company Hubei Amarvel Biotech, along with its executives Qingzhou Wang, 35, Yiyi Chen, 31, and Fnu Lnu, also known as Er Yang, with fentanyl trafficking, precursor chemical importation, and money laundering offenses. "Fentanyl poses a singular threat, not only because the smallest doses can be lethal, but because fentanyl does not occur in nature. In the Eastern District of New York, prosecutors announced the unsealing of two more indictments against three other Chinese companies and individuals accused of conspiring to manufacture and distribute fentanyl in the U.S.

Persons: Antony Blinken, Joe Biden, Xi Jinping, Qingzhou Wang, Yiyi Chen, Fnu Lnu, Er Yang, Joaquin, El, Guzman, Lisa Monaco, Blinken, Wang, Chen, Yang, Sarah N, Lynch, Luc Cohen, David Brunnstrom, Chizu Nomiyama, Angus MacSwan Organizations: WASHINGTON, U.S . Justice, U.S, Hubei Amarvel Biotech, Justice Department, Embassy, Global Coalition, Administration, of, U.S . Prosecutors, Hebei Sinaloa Trading, Thomson Locations: United States, China, Washington, Sinaloa, Mexico, Manhattan, Hubei, cryptocurrency, Los Angeles, Honolulu , Hawaii, New York, of New York, Hebei Sinaloa, U.S

☆ Not on the DeSantis agenda for president: Decriminalizing cannabis
▼ + stars: | 2023-06-22 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +6 min

The Florida governor said last year that he didn't like the "putrid" smell. But DeSantis did help advance access to medical marijuana in Florida. Ron DeSantis said legalizing cannabis would not be on his agenda if he's elected to the White House in 2024. DeSantis, who did advance rules for medical cannabis use in Florida, said he wouldn't pursue legalization nationally, expressing concerns about more young people accessing weed. On Capitol Hill, the issue of cannabis legalization has become more bipartisan, particularly as a growing number of states have made it available medically and recreationally.

Persons: DeSantis, —, Ron DeSantis, Casey DeSantis, it's, Joe Biden, Susan Walsh, Biden, DeSantis succesfully, Ashley Moody, Nikki Fried —, Democratic Party —, Charlie Crist, Chuck Schumer Organizations: South, Service, Gov, White House, Veterans, American Medical Association, Companies, Florida Gov, Navy, Republican Florida, Politico, Democratic Party, Democratic, Gallup Locations: South Carolina, Florida, Augusta , South Carolina

Most economists expect another modest 10 bps LPR cut in the second half - on top of a 25 bps cut in banks' requirement ratio (RRR). The PROC last cut the RRR - the amount of cash that banks must hold as reserves -- in March, by 25 bps. Each 5 basis points LPR cut could reduce pre-tax profits of major banks by as much as 1.8%, China Merchants Securities said in a report. "A small rate cut is a useful painkiller for symptoms but cannot alleviate the real problem," said Gary Ng, Asia Pacific senior economist of Natixis. On Friday, China's cabinet discussed policy measures to support the economy.

Persons: COVID, NIM, Wang Yifeng, Wang, Gary Ng, China's, Zhang Ming, Zhang, Morgan Stanley, Kevin Yao, Ziyi Tang, Kripa Jayaram, Sumeet Chatterjee Organizations: People's Bank of China, Reuters, Everbright Securities, China Merchants Securities, Asia Pacific, stoke, Chinese Academy of Social Sciences, Thomson Locations: China, BEIJING, Beijing, Asia

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