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Porter brings back whiteboard to grill former pharma CEO on cancer drug price hike

October 2, 2020

Rep. Katie Porter (D-Calif.) went viral this week after grilling former Celgene CEO Mark Alles over his compensation and the price of cancer drug Revlimid during a committee hearing.

Using her now-signature whiteboard board, Porter pointed out that the price of the drug, which is approved to treat the blood cancer multiple myeloma, has spiked from $412 per pill in 2005 to $763 per pill today.

“I’m curious, did the drug get substantially more effective in that time? Did cancer patients need fewer pills?” Porter asked, after writing the price increases on a white board.

The former CEO told the lawmaker that the manufacturing for the pill “would be the same” between 2005 and today.

“Did the drug start to work faster? Were there fewer side effects? How did you change the formula or production of Revlimid to justify this price increase?” Porter asked.

She also grilled Alles on his

Health insurance hike for small business OKd, but full impact of COVID-19 unknown

October 1, 2020

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The full impact of COVID-19 on future health insurance premiums has yet to be seen, but at least in New York for 2021, state regulators approved a 4.2% average rate increase for the small group market, the second lowest in a decade.

That is a break considering insurers requested an average rate increase of 11.4% in the small group market, which covers employers with 1 to 100 employees.

Still 4.2% is an average across the multiple carriers and plans throughout New York State with some plans seeing higher increases on top of increases small businesses have already endured over the years, say experts.

“The concern is, on the surface, the increases are incremental, but that’s on top of prior year increases,” says Gregg Pajak, president and founder of WizdomOne Group Family of Companies, an Islandia-based risk and investment management firm.

ANALYSIS-Turkish rate hike needs follow through for real game change

September 28, 2020

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By Karin Strohecker

LONDON, Sept 25 (Reuters) – Turkish policymakers are no strangers to unexpected action when in a tight corner, but analysts said Thursday’s surprise interest rate hike could herald a change of tack on monetary policy.

Although raising rates by 200 basis points during a global pandemic and slump is unusual, analysts welcomed the Central Bank of Turkey’s (CBT) response in the face of rising inflation.

“It was a bold move by the CBT which should restore credibility and improve investor sentiment,” said Christian Wietoska at Deutsche Bank, calling it a “game changer”.

The hike was swiftly followed by a banking watchdog announcement that limits for banks’ FX transactions with foreign entities would be raised, allowing for increased market access and reversing a decision from earlier this year.

“Encouraging moves – suggests the Turkish authorities finally get it,” Timothy Ash at BlueBay Asset Management said.

Turkey has

Bond Traders in India Brace for Borrowing Hike in Crucial Week

September 28, 2020

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Indonesian Rupiah, Indian Rupee And Filippino Peso As Gloom Lifting From Asia's Emerging Currencies After Rate Hikes — Photographer: Brent Lewin/Bloomberg

Indian bond traders’ worst fears may be realized this week if Prime Minister Narendra Modi’s government announces a further increase to its mammoth borrowing plan.

Traders expect the government to lift its borrowing estimate for the October-March period to six trillion rupees ($81.5 billion) from the existing 5 trillion rupees, according to 10 out of 16 traders in a Bloomberg survey. The timing for this increase couldn’t be worse as the Reserve Bank of India is set to keep its policy rates on hold on Thursday amid a persistently high inflation.

“With no rate cut baked-in, the only thing the market is waiting for is the borrowing calendar, and cues in the RBI policy,” said Lakshmi Iyer, chief investment officer debt at Mumbai-based Kotak Mahindra Asset Management Co. “Additional borrowings will definitely spook the market if there isn’t a game plan to support extra

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