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January 22 – As Japan prepares for next months snap election, Munehito Kamiya, leader of a newly emerging minority party, stated that the Bank of Japans (BOJ) interest rate hikes may be too rapid and could harm the economy. He said the partys priority is to revitalize the economy through tax cuts, particularly the consumption tax, and loose fiscal policy. Kamiya said the BOJ should proceed cautiously with interest rate hikes given the still fragile economy. "I think the pace of interest rate hikes is a bit too fast," Kamiya said, warning that raising borrowing costs too early could harm the economy and small businesses. "Im not against the BOJs policy direction; the problem is the speed." Kamiya stated, "The division of power between the government and the central bank is quite important. On the other hand, in Japan, fiscal and monetary policies havent reached the level of cooperation they should." "Overemphasizing the BOJs independence could have a negative impact on the economy," he added.The yield on Japans 30-year government bonds fell 10 basis points to 3.62%.The yield on Japans 20-year government bonds fell 7.0 basis points to 3.185%.January 22 - Soaring freight rates have prompted some shipowners to use new tankers to transport Russian oil. This trade is typically carried out by older vessels nearing or exceeding their service life. By the end of 2025, the US and EU will blacklist hundreds of tankers involved in the Russian oil trade, leading to supply shortages and a surge in freight rates. Reputational risks and the threat of sanctions have deterred some shipowners, but at least two Greek companies find the enormous profits from transporting Russian crude too tempting. Transporting Russian oil is not entirely illegal, but if the transport price exceeds the so-called "price cap," it means that Western suppliers (such as dominant players in the insurance industry) will be unable to support the trade. Fears of exceeding the price cap often hinder legitimate operators, while a "dark fleet" fills this gap. Now, sanctions have caused Russian oil prices to plummet, providing a buffer against the price cap and giving Greek companies the confidence to participate in the oil trade, profiting from it using three tankers less than a year old.Shares of Tokyo Electric Power Company (TEPCO) continued to fall, currently down 3.0%. The company stated that an alarm sounded during control rod removal operations at Unit 6 of the Kashiwazaki-Kariwa Nuclear Power Plant, which was restarted on the 21st, and the removal operation was halted.

Biogen finalizes $900 million drug kickback settlement

Norah Atkinson

Sep 27, 2022 14:30

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The U.S. Department of Justice announced on Monday that Biogen Inc. has struck a $900 million deal to resolve a whistleblower case that accused the biotech company of paying kickbacks to doctors who prescribed multiple sclerosis drugs.


The settlement closes a lengthy whistleblower action filed in Boston federal court by a former government employee. Biogen (NASDAQ:BIIB) disclosed in July that a potential settlement had been reached, pending government clearance.


According to his attorney, Thomas Greene, former employee Michael Bawduniak will receive $266,4 million for pursuing the action. Greene noted that this sum surpasses all previous records for whistleblower payouts in the United States.


Cambridge is located in Massachusetts As part of the agreement, Biogen did not acknowledge guilt. Biogen indicated in a statement that the corporation "believes that its goals and conduct have always been legitimate and appropriate."


From 2009 to 2014, Biogen was suspected of paying doctors millions of dollars in kickbacks to prescribe Avonex, Tysabri, and Tecfidera for multiple sclerosis. According to the lawsuit, the payments included "false" consulting deals and speaker programs, as well as lavish dinners and entertainment.


Allegedly, the scam resulted in the filing of false claims for payment to the federal healthcare programs Medicare and Medicaid.


Bawduniak filed the lawsuit in 2012 under the False Claims Act, which empowers whistleblowers to sue companies on behalf of the government to recover fraudulently obtained taxpayer monies.


The Justice Department may intervene in such situations and alleviate them itself following an investigation; however, it declined to do so in Bawduniak's case in 2015, allowing him to pursue the matter on his own.


His attorney, Greene, has described the settlement as the greatest recovery in over 150 years of False Claims Act cases won by a whistleblower without government intervention.

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