The budget agreement that congressional leaders and President Donald Trump forged late Monday lifted a big potential drag on the U.S. economy for this year and next. Under the agreement, the economy was spared from a series of deep spending cuts that were set to take effect under a far-reaching budget law enacted in 2011. "It's not so much that it's a big boost, but it's a pain that was avoided," said Michael Puglianese, an economist at Wells Fargo Securities.

The budget agreement that congressional leaders and President Donald Trump forged late Monday lifted a big potential drag on the U.S. economy for this year and next. Under the agreement, the economy was spared from a series of deep spending cuts that were set to take effect under a far-reaching budget law enacted in 2011. "It's not so much that it's a big boost, but it's a pain that was avoided," said Michael Puglianese, an economist at Wells Fargo Securities.

Robert Mueller stayed mum for nearly two years in the face of repeated verbal attacks on his integrity by President Donald Trump and his conservative Republican allies in Congress. For the first time on Wednesday, the former U.S. special counsel will come face to face with some of his harshest critics in a hearing before the House of Representatives Judiciary Committee. Some members of the House Freedom Caucus, a conservative faction, sit on the committee and have clashed in the past with witnesses in high-profile hearings on Mueller's inquiry into Russia and Trump's 2016 presidential campaign, such as former Deputy Attorney General Rod Rosenstein and former FBI agent Peter Strzok.

Robert Mueller stayed mum for nearly two years in the face of repeated verbal attacks on his integrity by President Donald Trump and his conservative Republican allies in Congress. For the first time on Wednesday, the former U.S. special counsel will come face to face with some of his harshest critics in a hearing before the House of Representatives Judiciary Committee. Some members of the House Freedom Caucus, a conservative faction, sit on the committee and have clashed in the past with witnesses in high-profile hearings on Mueller's inquiry into Russia and Trump's 2016 presidential campaign, such as former Deputy Attorney General Rod Rosenstein and former FBI agent Peter Strzok.

Brazilian President Jair Bolsonaro plans a round of official foreign visits in late October, including to Qatar, Saudi Arabia, the United Arab Emirates and China, the government said on Tuesday. The itinerary is still being finalized and Bolsonaro also wants to visit Japan for the official coronation of Emperor Naruhito on Oct. 22, a source told Reuters, though adding that this might not be possible. Bolsonaro has made clear on several occasions his intention to visit China, Brazil's largest trade partner, later this year in an attempt to repair the damage caused by his remarks during the election campaign last year when he criticized Chinese domination of key economic sectors in Brazil.

Brazilian President Jair Bolsonaro plans a round of official foreign visits in late October, including to Qatar, Saudi Arabia, the United Arab Emirates and China, the government said on Tuesday. The itinerary is still being finalized and Bolsonaro also wants to visit Japan for the official coronation of Emperor Naruhito on Oct. 22, a source told Reuters, though adding that this might not be possible. Bolsonaro has made clear on several occasions his intention to visit China, Brazil's largest trade partner, later this year in an attempt to repair the damage caused by his remarks during the election campaign last year when he criticized Chinese domination of key economic sectors in Brazil.

Despite broad support, the effort to essentially make the fund permanent has been the subject of a caustic political fight on Capitol Hill in recent weeks.

Despite broad support, the effort to essentially make the fund permanent has been the subject of a caustic political fight on Capitol Hill in recent weeks.

ACLU, Planned Parenthood and the Center for Reproductive Rights are part of a lawsuit challenging Georgia's six-week "fetal heartbeat" abortion ban.

ACLU, Planned Parenthood and the Center for Reproductive Rights are part of a lawsuit challenging Georgia's six-week "fetal heartbeat" abortion ban.

United Parcel Service Inc. is responding to the growth in online shopping and pressures for speedy delivery by seeking to expand its drone deliveries and adding thousands of new spots where customers can pick up packages. The Atlanta-based package delivery giant said Tuesday it is adding 12,000 new package pickup locations inside CVS, The Michaels Co. and Advance Auto Parts stores. It said it is setting up a subsidiary that will focus on expanding its drone-delivery operations, limited now to delivering medical samples at a group of hospitals in Raleigh, North Carolina.

United Parcel Service Inc. is responding to the growth in online shopping and pressures for speedy delivery by seeking to expand its drone deliveries and adding thousands of new spots where customers can pick up packages. The Atlanta-based package delivery giant said Tuesday it is adding 12,000 new package pickup locations inside CVS, The Michaels Co. and Advance Auto Parts stores. It said it is setting up a subsidiary that will focus on expanding its drone-delivery operations, limited now to delivering medical samples at a group of hospitals in Raleigh, North Carolina.

The president of a Pennsylvania school board whose district had warned parents behind on lunch bills that their children could end up in foster care has rejected a CEO's offer to cover the cost, the businessman said Tuesday. Todd Carmichael, chief executive and co-founder of Philadelphia-based La Colombe Coffee, said he offered to give Wyoming Valley West School District $22,000 to wipe out bills that generated the recent warning letter to parents.

The president of a Pennsylvania school board whose district had warned parents behind on lunch bills that their children could end up in foster care has rejected a CEO's offer to cover the cost, the businessman said Tuesday. Todd Carmichael, chief executive and co-founder of Philadelphia-based La Colombe Coffee, said he offered to give Wyoming Valley West School District $22,000 to wipe out bills that generated the recent warning letter to parents.

The first of Iceland's glaciers to disappear due to climate change will be memorialized with a plaque, which will be unveiled next month.

The first of Iceland's glaciers to disappear due to climate change will be memorialized with a plaque, which will be unveiled next month.

(Bloomberg) -- House Democrats unveiled a target to stave off climate change Tuesday, one that is a far cry from the controversial Green New Deal being championed by New York Representative Alexandria Ocasio-Cortez and other progressives.Leaders of the House Energy and Commerce Committee announced they would pursue legislation this year that calls for net-zero greenhouse gas emissions by 2050, a less ambitious but politically, and technologically, achievable alternative to Ocasio-Cortez’s sweeping Green New Deal that called for hitting that target by 2030.“We just think that target is more realistic,” said Representative Frank Pallone, a New Jersey Democrat and chairman of the committee.“If we don’t go down to net-zero carbon pollution by then we have a catastrophic situation,” Pallone said, citing scientific reports on the issue by the United Nations and others.The announcement comes as some Democrats worry the Green New Deal could cost them at the polls. House Speaker Nancy Pelosi has thrown cold water on that plan, which drew Republican derision for its jobs guarantee and other elements.“Mainstream Democrats are determined to make climate change a centrist -- not a far left -- policy as an electoral issue,” said Paul Bledsoe, who advised President Bill Clinton on climate issues and now works as an adviser with the Progressive Policy Institute. “I think they are concerned that Ocasio-Cortez and others could actually alienate swing voters rather than attract them with aggressive rhetoric.”Pallone said there would be a series of hearings and meetings with stakeholders with the aim of creating legislation by the end of the year. The first hearing, on ways to decarbonize the economy, is scheduled for Wednesday. “We’re going to start a process,” Pallone said.Pallone said the committee would try to incorporate parts of the Green New Deal into their plan.The Sunrise Movement, the progressive advocacy group that helped pioneer the Green New Deal, criticized Pallone’s announcement, arguing that Democratic leaders were “misrepresenting the science.”“To set a low goal that is misaligned with what science demands out of the gate is irresponsible, and bargaining against our future,” co-founder Varshini Prakash said in a statement.A spokesman for Ocasio-Cortez didn’t respond to a request for comment.Achieving net-zero emissions by 2050 is no small task, and may reflect the way the Green New Deal has shifted the political conversation around climate change -- as well the goal posts.“The majority of the Democratic caucus is behind aggressive but not socialist climate policies,” Bledsoe said. “They worry the Green New Deal rhetoric could alienate rather than attract swing voters needed in 2020.”Democratic presidential candidates, including front-runner Joe Biden, have outlined plans to reach decarbonization targets by mid-century as well.But nobody thinks it will be easy. Analysts say achieving such a goal will require massive shifts such as an end to vehicles powered by internal combustion engines, most electricity produced by coal, and the use of natural gas in buildings for heat and cooking. New bio-based fuels for aviation and carbon capture technology for cement factories and chemical refineries will be required. And a shift away from the consumption of meat could be required.“We are looking for any and all ideas,” said New York Representative Paul Tonko, the head of the Environment and Climate Change subcommittee.The Green New Deal’s manifesto, in the form of a non-binding resolution offered in both chambers of the U.S. Congress, calls for a “10-year national mobilization” to shift the nation to 100% “clean, renewable, and zero-emission energy sources” -- a high bar, given that fossil fuels (petroleum, natural gas and coal) accounted for 80% of U.S. energy consumption in 2018.In addition to Tonko, Pallone was flanked by Bobby Rush of Illinois, the head of the Energy subcommittee, and other committee cardinals. Ocasio-Cortez and other Green New Deal architects didn’t attend the press conference.The Natural Resources Defense Council’s John Bowman applauded the initiative.“Reaching 100% clean energy and zero net carbon pollution by 2050 must be the guidepost for every energy, environmental, and economic policy decision we make over the next 30 years,” Bowman, the organization’s managing director for government affairs, said in a statement.(Updates with Pallone comments starting in third paragraph, Sunrise Movement in ninth.)To contact the reporter on this story: Ari Natter in Washington at anatter5@bloomberg.netTo contact the editors responsible for this story: Jon Morgan at jmorgan97@bloomberg.net, Joe SobczykFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

(Bloomberg) -- House Democrats unveiled a target to stave off climate change Tuesday, one that is a far cry from the controversial Green New Deal being championed by New York Representative Alexandria Ocasio-Cortez and other progressives.Leaders of the House Energy and Commerce Committee announced they would pursue legislation this year that calls for net-zero greenhouse gas emissions by 2050, a less ambitious but politically, and technologically, achievable alternative to Ocasio-Cortez’s sweeping Green New Deal that called for hitting that target by 2030.“We just think that target is more realistic,” said Representative Frank Pallone, a New Jersey Democrat and chairman of the committee.“If we don’t go down to net-zero carbon pollution by then we have a catastrophic situation,” Pallone said, citing scientific reports on the issue by the United Nations and others.The announcement comes as some Democrats worry the Green New Deal could cost them at the polls. House Speaker Nancy Pelosi has thrown cold water on that plan, which drew Republican derision for its jobs guarantee and other elements.“Mainstream Democrats are determined to make climate change a centrist -- not a far left -- policy as an electoral issue,” said Paul Bledsoe, who advised President Bill Clinton on climate issues and now works as an adviser with the Progressive Policy Institute. “I think they are concerned that Ocasio-Cortez and others could actually alienate swing voters rather than attract them with aggressive rhetoric.”Pallone said there would be a series of hearings and meetings with stakeholders with the aim of creating legislation by the end of the year. The first hearing, on ways to decarbonize the economy, is scheduled for Wednesday. “We’re going to start a process,” Pallone said.Pallone said the committee would try to incorporate parts of the Green New Deal into their plan.The Sunrise Movement, the progressive advocacy group that helped pioneer the Green New Deal, criticized Pallone’s announcement, arguing that Democratic leaders were “misrepresenting the science.”“To set a low goal that is misaligned with what science demands out of the gate is irresponsible, and bargaining against our future,” co-founder Varshini Prakash said in a statement.A spokesman for Ocasio-Cortez didn’t respond to a request for comment.Achieving net-zero emissions by 2050 is no small task, and may reflect the way the Green New Deal has shifted the political conversation around climate change -- as well the goal posts.“The majority of the Democratic caucus is behind aggressive but not socialist climate policies,” Bledsoe said. “They worry the Green New Deal rhetoric could alienate rather than attract swing voters needed in 2020.”Democratic presidential candidates, including front-runner Joe Biden, have outlined plans to reach decarbonization targets by mid-century as well.But nobody thinks it will be easy. Analysts say achieving such a goal will require massive shifts such as an end to vehicles powered by internal combustion engines, most electricity produced by coal, and the use of natural gas in buildings for heat and cooking. New bio-based fuels for aviation and carbon capture technology for cement factories and chemical refineries will be required. And a shift away from the consumption of meat could be required.“We are looking for any and all ideas,” said New York Representative Paul Tonko, the head of the Environment and Climate Change subcommittee.The Green New Deal’s manifesto, in the form of a non-binding resolution offered in both chambers of the U.S. Congress, calls for a “10-year national mobilization” to shift the nation to 100% “clean, renewable, and zero-emission energy sources” -- a high bar, given that fossil fuels (petroleum, natural gas and coal) accounted for 80% of U.S. energy consumption in 2018.In addition to Tonko, Pallone was flanked by Bobby Rush of Illinois, the head of the Energy subcommittee, and other committee cardinals. Ocasio-Cortez and other Green New Deal architects didn’t attend the press conference.The Natural Resources Defense Council’s John Bowman applauded the initiative.“Reaching 100% clean energy and zero net carbon pollution by 2050 must be the guidepost for every energy, environmental, and economic policy decision we make over the next 30 years,” Bowman, the organization’s managing director for government affairs, said in a statement.(Updates with Pallone comments starting in third paragraph, Sunrise Movement in ninth.)To contact the reporter on this story: Ari Natter in Washington at anatter5@bloomberg.netTo contact the editors responsible for this story: Jon Morgan at jmorgan97@bloomberg.net, Joe SobczykFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

United Parcel Service Inc , the world's largest package delivery firm, on Tuesday unveiled its drone delivery subsidiary and said it has applied for the Federal Aviation Administration certifications needed to expand the business. The launch of UPS Flight Forward marks the latest move in the battle between UPS, Amazon.com Inc and Alphabet Inc for the lead in the nascent U.S. drone delivery industry. UPS said Flight Forward could receive FAA certification for multiple drones and pilots as early as this year, potentially becoming the first company to win such approvals.

United Parcel Service Inc , the world's largest package delivery firm, on Tuesday unveiled its drone delivery subsidiary and said it has applied for the Federal Aviation Administration certifications needed to expand the business. The launch of UPS Flight Forward marks the latest move in the battle between UPS, Amazon.com Inc and Alphabet Inc for the lead in the nascent U.S. drone delivery industry. UPS said Flight Forward could receive FAA certification for multiple drones and pilots as early as this year, potentially becoming the first company to win such approvals.

Venezuela's opposition on Tuesday sought to harness anger over a massive blackout that deepened hardship nationwide, but turnout at a Caracas demonstration was relatively modest as many Venezuelans despair of an imminent solution to their plight. Lights came back on in parts of the capital and other areas of Venezuela overnight following a nearly nine-hour outage that the government blamed on an "electromagnetic attack" against the power grid, without providing any evidence. Government opponents say years of mismanagement and corruption were to blame.

Venezuela's opposition on Tuesday sought to harness anger over a massive blackout that deepened hardship nationwide, but turnout at a Caracas demonstration was relatively modest as many Venezuelans despair of an imminent solution to their plight. Lights came back on in parts of the capital and other areas of Venezuela overnight following a nearly nine-hour outage that the government blamed on an "electromagnetic attack" against the power grid, without providing any evidence. Government opponents say years of mismanagement and corruption were to blame.

WSFS earnings call for the period ending June 30, 2019.

WSFS earnings call for the period ending June 30, 2019.

Peer-to-peer lending and wallet start-up RenrenBit has nabbed $21 million worth of commitments for a token sale. The platform sold 21 million RRB tokens yesterday, each going for 1 USDT, the Tether-issued crypto.The post Lending platform RenrenBit raises $21M in token sale appeared first on The Block.

Peer-to-peer lending and wallet start-up RenrenBit has nabbed $21 million worth of commitments for a token sale. The platform sold 21 million RRB tokens yesterday, each going for 1 USDT, the Tether-issued crypto.The post Lending platform RenrenBit raises $21M in token sale appeared first on The Block.

AKR earnings call for the period ending June 30, 2019.

AKR earnings call for the period ending June 30, 2019.

PEBO earnings call for the period ending June 30, 2019.

PEBO earnings call for the period ending June 30, 2019.

ELS earnings call for the period ending June 30, 2019.

ELS earnings call for the period ending June 30, 2019.

JBLU earnings call for the period ending June 30, 2019.

JBLU earnings call for the period ending June 30, 2019.

SFNC earnings call for the period ending June 30, 2019.

SFNC earnings call for the period ending June 30, 2019.

MTG earnings call for the period ending June 30, 2019.

MTG earnings call for the period ending June 30, 2019.

EQBK earnings call for the period ending June 30, 2019.

EQBK earnings call for the period ending June 30, 2019.

ACC earnings call for the period ending June 30, 2019.

ACC earnings call for the period ending June 30, 2019.

IPG earnings call for the period ending June 30, 2019.

IPG earnings call for the period ending June 30, 2019.

CNC earnings call for the period ending June 30, 2019.

CNC earnings call for the period ending June 30, 2019.

TL;DR: Get the perfectly compact Samsung Galaxy Tab for $249.99 at Amazon and save $80 (off the normally $329 price) with a coupon.* * *Dorm rooms are small -- like really small. Some might even say basically the same size as a closet, and when you add a roommate, forget about it. Small spaces mean big sacrifices, like leaving more than half of your clothes at home and ditching your queen-sized bed for a not-so-comfy twin XL. But entertainment is one place you won't have to make any sacrifices. The Samsung Galaxy Tab offers the quality of a full entertainment system in a dorm-sized device. With Dolby Atmos surround sound you'll feel immersed in your favorite music and shows, so while you're binging Stranger Things you'll feel like the Demogorgon is right there with you.  Read more...More about Amazon, Samsung, Tablets, Mashable Shopping, and Tech

TL;DR: Get the perfectly compact Samsung Galaxy Tab for $249.99 at Amazon and save $80 (off the normally $329 price) with a coupon.* * *Dorm rooms are small -- like really small. Some might even say basically the same size as a closet, and when you add a roommate, forget about it. Small spaces mean big sacrifices, like leaving more than half of your clothes at home and ditching your queen-sized bed for a not-so-comfy twin XL. But entertainment is one place you won't have to make any sacrifices. The Samsung Galaxy Tab offers the quality of a full entertainment system in a dorm-sized device. With Dolby Atmos surround sound you'll feel immersed in your favorite music and shows, so while you're binging Stranger Things you'll feel like the Demogorgon is right there with you.  Read more...More about Amazon, Samsung, Tablets, Mashable Shopping, and Tech

A new report lists beaches in 29 coastal and Great Lakes states prone to bacteria counts that can make you sick.

A new report lists beaches in 29 coastal and Great Lakes states prone to bacteria counts that can make you sick.

(Bloomberg) -- Boris Johnson spent the hours after he was elected as Britain’s next prime minister telling Conservative members of Parliament what most of them wanted to hear: the U.K. will leave the European Union on Oct. 31, and there won’t be an early general election.It was a concerted effort to rally the troops before Johnson formally takes office after Theresa May resigns on Wednesday afternoon. Many Tory MPs fear their new leader will be forced to hold an election to try to break the parliamentary deadlock that destroyed May. Johnson, addressing them in a private meeting, assured them that wasn’t his intention.He also reiterated, to cheers, the key message from his leadership campaign: That he would deliver Brexit by the end of October, come what may. It remains hard to see how he can do that, and his supporters disagree about what constitutes a proper Brexit. But on Tuesday, few were arguing.His speech was “vintage Boris,” Nicky Morgan, who heads Parliament’s Treasury Select Committee, told reporters outside the meeting. Johnson made the party feel better about itself, she said.’Love-Bombing’That’s not true for everyone, though. So Johnson began the process of trying to win over those who have doubts. “The love-bombing starts now,” he told MPs, according to one person who was in the room.Three Cabinet members, including Chancellor of the Exchequer Philip Hammond, have said they don’t want to serve under him, citing his pledge to deliver Brexit with or without a deal. Other more junior ministers have also quit.Earlier, he acknowledged the concerns in his victory speech.“I know that there will be people around the place who will question the wisdom of your decision,” Johnson said. His answer was to appeal to their instinctive Conservative values -- owning a home, looking after family -- and away from the divisions over Brexit to bring the party together.The appointment of Mark Spencer as chief whip -- a key role in Johnson’s administration given his wafer-thin ruling majority in Parliament -- was welcomed by Tory lawmakers from both sides of the Brexit divide.Nicholas Soames, a pro-European and fierce critic of Johnson, called the appointment “a really excellent sane and wise choice” on Twitter, while Steve Baker, a prominent member of the pro-Brexit European Research Group, described him as a “very skillful and authoritative man.”Trump’s PraiseBut Johnson’s efforts to pitch himself as a centrist, unifying figure were somewhat undermined by the strong endorsement he received from Donald Trump. “He’s tough and he’s smart,” the U.S. president said in a speech in Washington. “They call him Britain Trump. They like me over there.”The main opposition Labour Party accused Johnson of being a friend of the rich, an attack that likely indicates the approach they will take against him. His appointment of Sky Ltd.’s Chief Operating Officer Andrew Griffith as senior business adviser showed Johnson’s intent, the party said. In recent weeks, Johnson has been using Griffith’s London townhouse as a base.“It’s blindingly obvious -- Boris Johnson and his government will act only in the interest of the wealthy elite,” Labour’s Jon Trickett said in a statement.Johnson’s first task is to appoint a Cabinet. More than anything he promises, that will show the sort of government he intends to lead. It will also be the moment when at least some of those who backed him -- hoping for promotion -- will be disappointed.On Tuesday, many Conservative MPs were content to have a leader who cheered them up.‘Coming Together’“It was such a relief to have some energy and enthusiasm in the room,” said the pro-Brexit Theresa Villiers. She contrasted it with the “rather painful exchanges” between Theresa May and Tory backbenchers in recent years.Health Secretary Matt Hancock, knocked out of the leadership contest in an earlier round of MP voting, said the cheering at Johnson’s speech was “the sound of the party coming back together.”The question is whether Johnson’s charm offensive will be enough over the coming weeks and months. Keith Simpson, who rebelled against the party whip for the first time in his career last week to try to stop a no-deal Brexit, left Johnson’s speech early and unimpressed.“I couldn’t stand any more,” he told reporters waiting outside. The speech was “very funny. There was a supermarket trolley, into which he chucked every policy. The circus has come to town.”(Updates markets. An earlier version of this story corrected corporate title in 12th paragraph.)To contact the reporters on this story: Robert Hutton in London at rhutton1@bloomberg.net;Thomas Penny in London at tpenny@bloomberg.net;Alex Morales in London at amorales2@bloomberg.netTo contact the editors responsible for this story: Tim Ross at tross54@bloomberg.net, Stuart Biggs, Emma Ross-ThomasFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

(Bloomberg) -- Boris Johnson spent the hours after he was elected as Britain’s next prime minister telling Conservative members of Parliament what most of them wanted to hear: the U.K. will leave the European Union on Oct. 31, and there won’t be an early general election.It was a concerted effort to rally the troops before Johnson formally takes office after Theresa May resigns on Wednesday afternoon. Many Tory MPs fear their new leader will be forced to hold an election to try to break the parliamentary deadlock that destroyed May. Johnson, addressing them in a private meeting, assured them that wasn’t his intention.He also reiterated, to cheers, the key message from his leadership campaign: That he would deliver Brexit by the end of October, come what may. It remains hard to see how he can do that, and his supporters disagree about what constitutes a proper Brexit. But on Tuesday, few were arguing.His speech was “vintage Boris,” Nicky Morgan, who heads Parliament’s Treasury Select Committee, told reporters outside the meeting. Johnson made the party feel better about itself, she said.’Love-Bombing’That’s not true for everyone, though. So Johnson began the process of trying to win over those who have doubts. “The love-bombing starts now,” he told MPs, according to one person who was in the room.Three Cabinet members, including Chancellor of the Exchequer Philip Hammond, have said they don’t want to serve under him, citing his pledge to deliver Brexit with or without a deal. Other more junior ministers have also quit.Earlier, he acknowledged the concerns in his victory speech.“I know that there will be people around the place who will question the wisdom of your decision,” Johnson said. His answer was to appeal to their instinctive Conservative values -- owning a home, looking after family -- and away from the divisions over Brexit to bring the party together.The appointment of Mark Spencer as chief whip -- a key role in Johnson’s administration given his wafer-thin ruling majority in Parliament -- was welcomed by Tory lawmakers from both sides of the Brexit divide.Nicholas Soames, a pro-European and fierce critic of Johnson, called the appointment “a really excellent sane and wise choice” on Twitter, while Steve Baker, a prominent member of the pro-Brexit European Research Group, described him as a “very skillful and authoritative man.”Trump’s PraiseBut Johnson’s efforts to pitch himself as a centrist, unifying figure were somewhat undermined by the strong endorsement he received from Donald Trump. “He’s tough and he’s smart,” the U.S. president said in a speech in Washington. “They call him Britain Trump. They like me over there.”The main opposition Labour Party accused Johnson of being a friend of the rich, an attack that likely indicates the approach they will take against him. His appointment of Sky Ltd.’s Chief Operating Officer Andrew Griffith as senior business adviser showed Johnson’s intent, the party said. In recent weeks, Johnson has been using Griffith’s London townhouse as a base.“It’s blindingly obvious -- Boris Johnson and his government will act only in the interest of the wealthy elite,” Labour’s Jon Trickett said in a statement.Johnson’s first task is to appoint a Cabinet. More than anything he promises, that will show the sort of government he intends to lead. It will also be the moment when at least some of those who backed him -- hoping for promotion -- will be disappointed.On Tuesday, many Conservative MPs were content to have a leader who cheered them up.‘Coming Together’“It was such a relief to have some energy and enthusiasm in the room,” said the pro-Brexit Theresa Villiers. She contrasted it with the “rather painful exchanges” between Theresa May and Tory backbenchers in recent years.Health Secretary Matt Hancock, knocked out of the leadership contest in an earlier round of MP voting, said the cheering at Johnson’s speech was “the sound of the party coming back together.”The question is whether Johnson’s charm offensive will be enough over the coming weeks and months. Keith Simpson, who rebelled against the party whip for the first time in his career last week to try to stop a no-deal Brexit, left Johnson’s speech early and unimpressed.“I couldn’t stand any more,” he told reporters waiting outside. The speech was “very funny. There was a supermarket trolley, into which he chucked every policy. The circus has come to town.”(Updates markets. An earlier version of this story corrected corporate title in 12th paragraph.)To contact the reporters on this story: Robert Hutton in London at rhutton1@bloomberg.net;Thomas Penny in London at tpenny@bloomberg.net;Alex Morales in London at amorales2@bloomberg.netTo contact the editors responsible for this story: Tim Ross at tross54@bloomberg.net, Stuart Biggs, Emma Ross-ThomasFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

The motorcycle and off-road vehicle company is performing admirably in a difficult industry environment.

The motorcycle and off-road vehicle company is performing admirably in a difficult industry environment.

Shares of Snap jumped 9.3% to $16 in after-hours trading.The latest figure, widely watched by investors and advertisers, beat analysts' average estimate of 192.2 million, according to IBES data from Refinitiv. After struggling last year with declines in users and high executive turnover, Snap finally returned to growth in the first quarter. In recent months, it scored wins with its augmented reality lenses and the launch of mobile games within Snapchat in partnership with game developers such as Zynga Inc .

Shares of Snap jumped 9.3% to $16 in after-hours trading.The latest figure, widely watched by investors and advertisers, beat analysts' average estimate of 192.2 million, according to IBES data from Refinitiv. After struggling last year with declines in users and high executive turnover, Snap finally returned to growth in the first quarter. In recent months, it scored wins with its augmented reality lenses and the launch of mobile games within Snapchat in partnership with game developers such as Zynga Inc .

Shares of Snap jumped 9.3% to $16 in after-hours trading.The latest figure, widely watched by investors and advertisers, beat analysts' average estimate of 192.2 million, according to IBES data from Refinitiv. After struggling last year with declines in users and high executive turnover, Snap finally returned to growth in the first quarter. In recent months, it scored wins with its augmented reality lenses and the launch of mobile games within Snapchat in partnership with game developers such as Zynga Inc .

Shares of Snap jumped 9.3% to $16 in after-hours trading.The latest figure, widely watched by investors and advertisers, beat analysts' average estimate of 192.2 million, according to IBES data from Refinitiv. After struggling last year with declines in users and high executive turnover, Snap finally returned to growth in the first quarter. In recent months, it scored wins with its augmented reality lenses and the launch of mobile games within Snapchat in partnership with game developers such as Zynga Inc .

Drop off your car and let it find itself a parking spot.On Tuesday, the Mercedes-Benz company Daimler and German car parts company Bosch unveiled their driverless parking without supervision (either in or outside the car) at a German parking garage. At the Mercedes-Benz Museum in Stuttgart, Germany, cars with new Mercedes automotive technology and the automated valet parking app can be dropped off at the bottom of the garage and will then proceed to park themselves in assigned spots without anyone watching over the process. Bosch sensors throughout the garage communicate with the connected cars to direct them how to maneuver through the structure.  Read more...More about Bosch, Mercedes Benz, Autonomous Vehicles, Daimler, and Parking

Drop off your car and let it find itself a parking spot.On Tuesday, the Mercedes-Benz company Daimler and German car parts company Bosch unveiled their driverless parking without supervision (either in or outside the car) at a German parking garage. At the Mercedes-Benz Museum in Stuttgart, Germany, cars with new Mercedes automotive technology and the automated valet parking app can be dropped off at the bottom of the garage and will then proceed to park themselves in assigned spots without anyone watching over the process. Bosch sensors throughout the garage communicate with the connected cars to direct them how to maneuver through the structure.  Read more...More about Bosch, Mercedes Benz, Autonomous Vehicles, Daimler, and Parking

United Parcel Service Inc , the world's largest package delivery firm, on Tuesday unveiled its drone delivery subsidiary and said it has applied for the Federal Aviation Administration certifications needed to expand the business. The launch of UPS Flight Forward marks the latest move in the battle between UPS, Amazon.com Inc and Alphabet Inc for the lead in the nascent U.S. drone delivery industry. UPS said Flight Forward could receive FAA certification for multiple drones and pilots as early as this year, potentially becoming the first company to win such approvals.

United Parcel Service Inc , the world's largest package delivery firm, on Tuesday unveiled its drone delivery subsidiary and said it has applied for the Federal Aviation Administration certifications needed to expand the business. The launch of UPS Flight Forward marks the latest move in the battle between UPS, Amazon.com Inc and Alphabet Inc for the lead in the nascent U.S. drone delivery industry. UPS said Flight Forward could receive FAA certification for multiple drones and pilots as early as this year, potentially becoming the first company to win such approvals.

Eight years ago, Washington's power players reluctantly sealed a pact to curtail federal spending and the debt. Now, with help from President Donald Trump, they are writing its epitaph. The budget deal reached this week by Trump, Speaker Nancy Pelosi and Republican leaders represents the last gasp of the 2011 Budget Control Act, a complex experiment aimed at forcing lawmakers into tough fiscal decisions that they couldn't arrive at on their own.

Eight years ago, Washington's power players reluctantly sealed a pact to curtail federal spending and the debt. Now, with help from President Donald Trump, they are writing its epitaph. The budget deal reached this week by Trump, Speaker Nancy Pelosi and Republican leaders represents the last gasp of the 2011 Budget Control Act, a complex experiment aimed at forcing lawmakers into tough fiscal decisions that they couldn't arrive at on their own.

Apple is closing in on a deal to possibly pay over $1 billion to Intel for a division that has been unprofitable. Here’s why it could work out well for both companies.

Apple is closing in on a deal to possibly pay over $1 billion to Intel for a division that has been unprofitable. Here’s why it could work out well for both companies.

Opening up another legal front against the Democrats investigating him, President Donald Trump on Tuesday sued the House Ways and Means Committee and New York state officials to prevent his state tax returns from being turned over to the congressional committee. The lawsuit seeks an injunction to block the application of a new New York state law that could allow the Democratic-controlled House and Ways Means Committee to obtain the returns. The lawsuit, filed in Washington, comes amid a furious White House attempt to prevent the president's tax returns to wind up in Democratic hands.

Opening up another legal front against the Democrats investigating him, President Donald Trump on Tuesday sued the House Ways and Means Committee and New York state officials to prevent his state tax returns from being turned over to the congressional committee. The lawsuit seeks an injunction to block the application of a new New York state law that could allow the Democratic-controlled House and Ways Means Committee to obtain the returns. The lawsuit, filed in Washington, comes amid a furious White House attempt to prevent the president's tax returns to wind up in Democratic hands.

A Chinese bank asked a federal judge on Tuesday to deny Philadelphia Energy Solutions' initial bankruptcy requests, arguing it should get priority over any insurance payouts after a June fire destroyed a section of the PES refinery. ICBC Standard Bank PLC [SBKJLS.UL], which signed an agreement to buy PES's crude and refined products just three days before the June 21 explosion and blaze, said PES owes it more than $300 million in early termination fees and other costs, according to filings with the U.S. Bankruptcy Court for the District of Delaware. PES said days later that it would have to shut the complex and lay off about 1,000 workers.

A Chinese bank asked a federal judge on Tuesday to deny Philadelphia Energy Solutions' initial bankruptcy requests, arguing it should get priority over any insurance payouts after a June fire destroyed a section of the PES refinery. ICBC Standard Bank PLC [SBKJLS.UL], which signed an agreement to buy PES's crude and refined products just three days before the June 21 explosion and blaze, said PES owes it more than $300 million in early termination fees and other costs, according to filings with the U.S. Bankruptcy Court for the District of Delaware. PES said days later that it would have to shut the complex and lay off about 1,000 workers.

The Senate overwhelmingly approved the nomination of Mark Esper to lead the Pentagon, ending seven months of uncertainty at the top of the military.

The Senate overwhelmingly approved the nomination of Mark Esper to lead the Pentagon, ending seven months of uncertainty at the top of the military.

UPS plans to add package-pickup-or-send sites to CVS Pharmacy, Michaels and Advance Auto Parts stores throughout the country.

UPS plans to add package-pickup-or-send sites to CVS Pharmacy, Michaels and Advance Auto Parts stores throughout the country.

A Chinese bank asked a federal judge on Tuesday to deny Philadelphia Energy Solutions' initial bankruptcy requests, arguing it should get priority over any insurance payouts after a June fire destroyed a section of the PES refinery. ICBC Standard Bank PLC [SBKJLS.UL], which signed an agreement to buy PES's crude and refined products just three days before the June 21 explosion and blaze, said PES owes it more than $300 million in early termination fees and other costs, according to filings with the U.S. Bankruptcy Court for the District of Delaware. PES said days later that it would have to shut the complex and lay off about 1,000 workers.

A Chinese bank asked a federal judge on Tuesday to deny Philadelphia Energy Solutions' initial bankruptcy requests, arguing it should get priority over any insurance payouts after a June fire destroyed a section of the PES refinery. ICBC Standard Bank PLC [SBKJLS.UL], which signed an agreement to buy PES's crude and refined products just three days before the June 21 explosion and blaze, said PES owes it more than $300 million in early termination fees and other costs, according to filings with the U.S. Bankruptcy Court for the District of Delaware. PES said days later that it would have to shut the complex and lay off about 1,000 workers.

(Bloomberg) -- U.S. stocks rose, sending the benchmark S&P 500 Index back above the 3,000 level, as investors assessed a batch of strong earnings and signs of progress in trade talks with China. Treasuries fell and the dollar rose.Equities extended gains after Blooomberg reported that U.S. Trade Representative Robert Lighthizer is set to travel to China next Monday for the first high-level, face-to-face trade negotiations between the world’s two biggest economies since talks broke down in May.“We’re starting to see perhaps both sides are building more good faith for continuing negotiations,” said Michael Reynolds, investment strategy officer at Glenmede Trust Co. in Philadelphia. “It seems like they’re making progress, which is good, and the market applauds something like that.”The S&P 500 climbed for a second day as Coca-Cola reached a record high, while United Technologies jumped after the duo posted earnings that topped estimates. PulteGroup, Zions Bancorp and Whirlpool all tumbled after results disappointed. Strong earnings helped the Stoxx Europe 600 gain, with upbeat reports from heavyweights including UBS, Santander, Hermes and AMS. “One of the biggest risks is that people underestimate how much the U.S. companies actually rely on international and emerging markets for growth,” said Brian Kersmanc, a senior investment analyst at GQG Partners and deputy portfolio manager on the GQG International Strategy. “The lines between developed market, emerging market, and U.S. and international are blurring immensely.”Elsewhere, the British pound stayed lower after Boris Johnson was officially named by the Conservative Party as Prime Minister Theresa May’s replacement.Oil gained amid the optimism on trade. Futures in New York shook off their earlier malaise and shot up 1% to close trading.Here are some key events coming up:Earnings season rolls on with companies including Amazon.com, Alphabet, Unilever, Caterpillar, McDonald’s and Boeing still to report this week.Thursday brings the European Central Bank policy decision. Economists widely expect officials to signal their readiness to cut interest rates and potentially broaden stimulus. Some see the chance of an immediate rate cut. ECB President Mario Draghi holds a briefing afterward.These are the main moves in markets:StocksThe S&P 500 Index rose 0.7% as of 4:02 p.m. New York time. The Nasdaq Composite Index increased 0.6% and the Dow Jones Industrial Average climbed 0.7%.The Stoxx Europe 600 gained 1%, the third straight increase.The MSCI Emerging Market Index was little changed.The MSCI Asia Pacific Index rose 0.3%. CurrenciesThe Bloomberg Dollar Spot Index rose 0.4%, the third consecutive gain.The euro declined 0.5% to $1.1148, while the yen weakened 0.4% to 108.25 per dollar. The British pound fell 0.3% to $1.2435, the third straight decline.The MSCI Emerging Markets Currency Index dropped 0.2%.BondsThe yield on 10-year Treasuries rose 2 basis points to 2.07%.Germany’s 10-year yield was little changed at -0.36%.Britain’s 10-year yield fell 2 basis points to 0.69%. CommoditiesWest Texas Intermediate rose 1.3% to $56.93 a barrel. Gold fell 0.6% to $1,417 an ounce. The Bloomberg Commodity Index gained 0.3%.To contact the reporters on this story: Vildana Hajric in New York at vhajric1@bloomberg.net;Olivia Rinaldi in New York at orinaldi1@bloomberg.netTo contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave LiedtkaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

(Bloomberg) -- U.S. stocks rose, sending the benchmark S&P 500 Index back above the 3,000 level, as investors assessed a batch of strong earnings and signs of progress in trade talks with China. Treasuries fell and the dollar rose.Equities extended gains after Blooomberg reported that U.S. Trade Representative Robert Lighthizer is set to travel to China next Monday for the first high-level, face-to-face trade negotiations between the world’s two biggest economies since talks broke down in May.“We’re starting to see perhaps both sides are building more good faith for continuing negotiations,” said Michael Reynolds, investment strategy officer at Glenmede Trust Co. in Philadelphia. “It seems like they’re making progress, which is good, and the market applauds something like that.”The S&P 500 climbed for a second day as Coca-Cola reached a record high, while United Technologies jumped after the duo posted earnings that topped estimates. PulteGroup, Zions Bancorp and Whirlpool all tumbled after results disappointed. Strong earnings helped the Stoxx Europe 600 gain, with upbeat reports from heavyweights including UBS, Santander, Hermes and AMS. “One of the biggest risks is that people underestimate how much the U.S. companies actually rely on international and emerging markets for growth,” said Brian Kersmanc, a senior investment analyst at GQG Partners and deputy portfolio manager on the GQG International Strategy. “The lines between developed market, emerging market, and U.S. and international are blurring immensely.”Elsewhere, the British pound stayed lower after Boris Johnson was officially named by the Conservative Party as Prime Minister Theresa May’s replacement.Oil gained amid the optimism on trade. Futures in New York shook off their earlier malaise and shot up 1% to close trading.Here are some key events coming up:Earnings season rolls on with companies including Amazon.com, Alphabet, Unilever, Caterpillar, McDonald’s and Boeing still to report this week.Thursday brings the European Central Bank policy decision. Economists widely expect officials to signal their readiness to cut interest rates and potentially broaden stimulus. Some see the chance of an immediate rate cut. ECB President Mario Draghi holds a briefing afterward.These are the main moves in markets:StocksThe S&P 500 Index rose 0.7% as of 4:02 p.m. New York time. The Nasdaq Composite Index increased 0.6% and the Dow Jones Industrial Average climbed 0.7%.The Stoxx Europe 600 gained 1%, the third straight increase.The MSCI Emerging Market Index was little changed.The MSCI Asia Pacific Index rose 0.3%. CurrenciesThe Bloomberg Dollar Spot Index rose 0.4%, the third consecutive gain.The euro declined 0.5% to $1.1148, while the yen weakened 0.4% to 108.25 per dollar. The British pound fell 0.3% to $1.2435, the third straight decline.The MSCI Emerging Markets Currency Index dropped 0.2%.BondsThe yield on 10-year Treasuries rose 2 basis points to 2.07%.Germany’s 10-year yield was little changed at -0.36%.Britain’s 10-year yield fell 2 basis points to 0.69%. CommoditiesWest Texas Intermediate rose 1.3% to $56.93 a barrel. Gold fell 0.6% to $1,417 an ounce. The Bloomberg Commodity Index gained 0.3%.To contact the reporters on this story: Vildana Hajric in New York at vhajric1@bloomberg.net;Olivia Rinaldi in New York at orinaldi1@bloomberg.netTo contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave LiedtkaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

(Bloomberg) -- President Donald Trump sued to block the Democrat-led U.S. House Ways and Means Committee from obtaining his tax records from New York state, in the latest attempt to keep his personal financial information out of public view.In the lawsuit, filed Tuesday in Washington federal court, Trump is attempting to fend off committee chairman Richard Neal’s potential request for the documents under New York’s TRUST Act. The president is suing as a private citizen.“Chairman Neal is facing intense pressure from his fellow Democrats to invoke the TRUST Act and obtain the president’s state tax returns,” Trump said in the complaint. “Succumbing to this pressure, the chairman recently announced that he does not oppose using the TRUST Act and that House counsel was ‘reviewing’ it now.”Obtaining Trump’s New York state tax returns would be just a partial political win for Democrats, who are hoping to learn more about the president’s finances ahead of the 2020 elections. State tax returns show much of the same information as federal returns about income and tax breaks, but don’t provide much information on out-of-state income or charitable contributions.Trump also sued New York Attorney General Letitia James. The aim, according to the complaint, is to prevent the state from acting on the recently passed law, which compels New York’s tax department to comply with the House committee’s records request.Presidential candidates aren’t required to disclose their tax returns, but every elected president since Richard Nixon has done so.“President Trump has spent his career hiding behind lawsuits,” James said in a statement. “The TRUST Act will shine a light on the president’s finances and finally offer transparency to millions of Americans yearning to know the truth.”The lawsuit comes three weeks after the House committee led by the Massachusetts Democrat sued to force the U.S. Treasury Department and Internal Revenue Service to hand over Trump’s tax records from the past six years. That suit was filed after Treasury Secretary Steven Mnuchin rebuffed earlier requests for that information.The real purpose of that initial request was exposure of Trump’s private tax information, according to the new complaint. “The State of New York shares this ‘animating purpose’ and is eager to help the committee expose the president’s private tax information,” Trump claims.Trump’s lawyer, Jay Sekulow, said in a statement that the intent of the lawsuit was to “end presidential harassment,” adding the actions taken by the House and New York officials “are nothing more than political retribution.”The TRUST Act was signed into law by New York Governor Andrew Cuomo this month. Both he and James are Democrats. Neal’s office didn’t immediately respond to a request for comment. A spokeswoman for James, Kelly Donnelly, said she couldn’t immediately comment on the complaint.Neal hasn’t committed to asking New York state for the returns.“The House counsel is reviewing all of that right now,” he said earlier this month. “They still have some legitimate concerns about it. That comes from House counsel, not me.”Asking for the New York tax returns could undercut the Massachusetts congressman’s effort to get the federal tax returns, because he said he needs them to determine whether the Internal Revenue Service is properly doing its job in annually auditing presidents and vice-presidents.The earlier suit was assigned to U.S. District Judge Trevor McFadden, whom Trump nominated to serve on the trial-level court in the nation’s capital in 2017. The president’s attorneys, William Consovoy and Patrick Strawbridge, are also leading federal lawsuits to block the release of his financial records to two other House committees.The lawyers are repeating earlier arguments that congressional committees can’t investigate private individuals without a legitimate legislative purpose. The president’s attorneys also assert that the U.S. Constitution’s guarantees of freedom of speech and freedom of association protect their client from politically motivated discrimination or retaliation.The TRUST Act should be struck down on that basis, they said.“Ultimately, this issue was litigated in the 2016 election,” according to the complaint. “Voters heard the criticisms” from Democratic nominee Hillary Clinton, “and they elected President Trump anyway. Democrats in Congress and across the country, however, have only become more eager to disclose the President’s tax returns for political gain.”The case is Trump v. Committee on Ways and Means, U.S. House of Representatives, 19-cv-2173, U.S. District Court, District of Columbia (Washington).(Updates with details from dispute, complaint.)To contact the reporters on this story: Andrew Harris in Washington at aharris16@bloomberg.net;Laura Davison in Washington at ldavison4@bloomberg.netTo contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, Joe Schneider, Peter JeffreyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

(Bloomberg) -- President Donald Trump sued to block the Democrat-led U.S. House Ways and Means Committee from obtaining his tax records from New York state, in the latest attempt to keep his personal financial information out of public view.In the lawsuit, filed Tuesday in Washington federal court, Trump is attempting to fend off committee chairman Richard Neal’s potential request for the documents under New York’s TRUST Act. The president is suing as a private citizen.“Chairman Neal is facing intense pressure from his fellow Democrats to invoke the TRUST Act and obtain the president’s state tax returns,” Trump said in the complaint. “Succumbing to this pressure, the chairman recently announced that he does not oppose using the TRUST Act and that House counsel was ‘reviewing’ it now.”Obtaining Trump’s New York state tax returns would be just a partial political win for Democrats, who are hoping to learn more about the president’s finances ahead of the 2020 elections. State tax returns show much of the same information as federal returns about income and tax breaks, but don’t provide much information on out-of-state income or charitable contributions.Trump also sued New York Attorney General Letitia James. The aim, according to the complaint, is to prevent the state from acting on the recently passed law, which compels New York’s tax department to comply with the House committee’s records request.Presidential candidates aren’t required to disclose their tax returns, but every elected president since Richard Nixon has done so.“President Trump has spent his career hiding behind lawsuits,” James said in a statement. “The TRUST Act will shine a light on the president’s finances and finally offer transparency to millions of Americans yearning to know the truth.”The lawsuit comes three weeks after the House committee led by the Massachusetts Democrat sued to force the U.S. Treasury Department and Internal Revenue Service to hand over Trump’s tax records from the past six years. That suit was filed after Treasury Secretary Steven Mnuchin rebuffed earlier requests for that information.The real purpose of that initial request was exposure of Trump’s private tax information, according to the new complaint. “The State of New York shares this ‘animating purpose’ and is eager to help the committee expose the president’s private tax information,” Trump claims.Trump’s lawyer, Jay Sekulow, said in a statement that the intent of the lawsuit was to “end presidential harassment,” adding the actions taken by the House and New York officials “are nothing more than political retribution.”The TRUST Act was signed into law by New York Governor Andrew Cuomo this month. Both he and James are Democrats. Neal’s office didn’t immediately respond to a request for comment. A spokeswoman for James, Kelly Donnelly, said she couldn’t immediately comment on the complaint.Neal hasn’t committed to asking New York state for the returns.“The House counsel is reviewing all of that right now,” he said earlier this month. “They still have some legitimate concerns about it. That comes from House counsel, not me.”Asking for the New York tax returns could undercut the Massachusetts congressman’s effort to get the federal tax returns, because he said he needs them to determine whether the Internal Revenue Service is properly doing its job in annually auditing presidents and vice-presidents.The earlier suit was assigned to U.S. District Judge Trevor McFadden, whom Trump nominated to serve on the trial-level court in the nation’s capital in 2017. The president’s attorneys, William Consovoy and Patrick Strawbridge, are also leading federal lawsuits to block the release of his financial records to two other House committees.The lawyers are repeating earlier arguments that congressional committees can’t investigate private individuals without a legitimate legislative purpose. The president’s attorneys also assert that the U.S. Constitution’s guarantees of freedom of speech and freedom of association protect their client from politically motivated discrimination or retaliation.The TRUST Act should be struck down on that basis, they said.“Ultimately, this issue was litigated in the 2016 election,” according to the complaint. “Voters heard the criticisms” from Democratic nominee Hillary Clinton, “and they elected President Trump anyway. Democrats in Congress and across the country, however, have only become more eager to disclose the President’s tax returns for political gain.”The case is Trump v. Committee on Ways and Means, U.S. House of Representatives, 19-cv-2173, U.S. District Court, District of Columbia (Washington).(Updates with details from dispute, complaint.)To contact the reporters on this story: Andrew Harris in Washington at aharris16@bloomberg.net;Laura Davison in Washington at ldavison4@bloomberg.netTo contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, Joe Schneider, Peter JeffreyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

The health insurer posts strong revenue and earnings growth as it awaits approval to acquire WellCare Health Plans.

The health insurer posts strong revenue and earnings growth as it awaits approval to acquire WellCare Health Plans.

Seven steps to help you invest more effectively in the war on cancer.

Seven steps to help you invest more effectively in the war on cancer.

Get ready! Snap (SNAP) reports earnings in just a few minutes..Snap is raring to release second-quarter results this evening once the bell tolls, and RBC's top analyst Mark Mahaney continues in his bullish parade along with flurry of analyst upgrades this month. Ahead of the print, Mahaney reiterates an Outperform rating on SNAP stock with $17 price target, which implies nearly 17% upside from current levels.As always, we like to give credit where credit is due. According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, Mahaney has a yearly average return of 24.1% and an 68% success rate. The top analyst is ranked 26 out of 5,192 analysts. (To view Mahaney's stock list, click here)Mahaney is looking for $359 milion in revenue and ($121 million) in Adjusted EBITDA, compared to the Street’s revenue estimate of $359 million and the Street’s EBITDA estimate of ($122MM). Furthermore, the analyst is looking for 2 million net new daily-active-users, in line with the Street, which "seems reasonable if not conservative given positive commentary regarding Android results from our meeting with management and strong Google Play Download trends," Mahaney noted.The analyst concluded: "Based on intra-quarter data points and our model sensitivity analysis, we believe the Street’s Revenue and EBITDA estimates for the quarter are reasonable, with slightly greater chance of upside vs. downside variance. We would expect to see management provide guidance for Q3, and we believe both the Street’s Q3 Revenue growth assumption (12% Q/Q growth) and EBITDA loss estimate of ($97MM) are ballpark reasonable."Overall, Wall Street sizes up SNAP as a ‘Moderate Buy’ stock, as the bulls edge out the cautious on the chip giant. In the last 3 months, SNAP has received 9 bullish ratings versus 12 analysts hedging their bets, and 3 bears who doubt the doubt the rally can be sustained. Yet, the consensus price target hints at caution baked into expectations here. The 12-month average price target of $14.20 reflects a slight downside potential of 4%. (See SNAP's price targets and analyst ratings on TipRanks) More recent articles from Smarter Analyst: * Buy Facebook (FB) Stock Into Earnings, Says Wedbush * All Eyes on Tesla (TSLA) Stock Ahead of Earnings; Wedbush Remains Neutral * Lannett Company (LCI) Stock Makes the Street Go Wild * Top Analyst Shares Two Cents on Amazon (AMZN) Stock as Earnings Approach

Get ready! Snap (SNAP) reports earnings in just a few minutes..Snap is raring to release second-quarter results this evening once the bell tolls, and RBC's top analyst Mark Mahaney continues in his bullish parade along with flurry of analyst upgrades this month. Ahead of the print, Mahaney reiterates an Outperform rating on SNAP stock with $17 price target, which implies nearly 17% upside from current levels.As always, we like to give credit where credit is due. According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, Mahaney has a yearly average return of 24.1% and an 68% success rate. The top analyst is ranked 26 out of 5,192 analysts. (To view Mahaney's stock list, click here)Mahaney is looking for $359 milion in revenue and ($121 million) in Adjusted EBITDA, compared to the Street’s revenue estimate of $359 million and the Street’s EBITDA estimate of ($122MM). Furthermore, the analyst is looking for 2 million net new daily-active-users, in line with the Street, which "seems reasonable if not conservative given positive commentary regarding Android results from our meeting with management and strong Google Play Download trends," Mahaney noted.The analyst concluded: "Based on intra-quarter data points and our model sensitivity analysis, we believe the Street’s Revenue and EBITDA estimates for the quarter are reasonable, with slightly greater chance of upside vs. downside variance. We would expect to see management provide guidance for Q3, and we believe both the Street’s Q3 Revenue growth assumption (12% Q/Q growth) and EBITDA loss estimate of ($97MM) are ballpark reasonable."Overall, Wall Street sizes up SNAP as a ‘Moderate Buy’ stock, as the bulls edge out the cautious on the chip giant. In the last 3 months, SNAP has received 9 bullish ratings versus 12 analysts hedging their bets, and 3 bears who doubt the doubt the rally can be sustained. Yet, the consensus price target hints at caution baked into expectations here. The 12-month average price target of $14.20 reflects a slight downside potential of 4%. (See SNAP's price targets and analyst ratings on TipRanks) More recent articles from Smarter Analyst: * Buy Facebook (FB) Stock Into Earnings, Says Wedbush * All Eyes on Tesla (TSLA) Stock Ahead of Earnings; Wedbush Remains Neutral * Lannett Company (LCI) Stock Makes the Street Go Wild * Top Analyst Shares Two Cents on Amazon (AMZN) Stock as Earnings Approach

Venezuela's National Assembly approved a law returning the OPEC nation to a regional defense treaty on Tuesday, but opposition leader Juan Guaido sought to tamp down supporters' hopes it could lead to President Nicolas Maduro's imminent downfall. Opposition hardliners had been pressuring Guaido to join the Inter-American Treaty of Reciprocal Assistance, signed in Rio de Janeiro in 1947, as a precursor to requesting a foreign military intervention to oust Maduro, a socialist who has overseen an economic collapse and is accused of human rights violations. "The TIAR is not magic, it is not a button that we press and then tomorrow everything is resolved," Guaido told a rally of supporters in Caracas, using the treaty's Spanish initials.

Venezuela's National Assembly approved a law returning the OPEC nation to a regional defense treaty on Tuesday, but opposition leader Juan Guaido sought to tamp down supporters' hopes it could lead to President Nicolas Maduro's imminent downfall. Opposition hardliners had been pressuring Guaido to join the Inter-American Treaty of Reciprocal Assistance, signed in Rio de Janeiro in 1947, as a precursor to requesting a foreign military intervention to oust Maduro, a socialist who has overseen an economic collapse and is accused of human rights violations. "The TIAR is not magic, it is not a button that we press and then tomorrow everything is resolved," Guaido told a rally of supporters in Caracas, using the treaty's Spanish initials.

It's a brawl world, after all

It's a brawl world, after all

(Bloomberg) -- A bipartisan Senate bill would yield $100 billion in savings on prescription-drug spending over a decade, two of its sponsors said, in part by penalizing pharmaceutical companies for raising prices faster than the rate of inflation.The legislation, which has the backing of the White House, contains several proposals designed to reduce government outlays in Medicare and Medicaid. It also seeks to limit what patients who have Medicare drug plans would have to spend out of their own pockets on prescriptions.The measure, released by the Republican and Democratic leaders of the Senate Finance Committee, Chuck Grassley of Iowa and Ron Wyden of Oregon, is expected to be taken up by that panel later this week.“We are engaging with coalitions to help build support,” White House spokesman Judd Deere said in a statement. “We will work with Senators to ensure this proposal moves forward and advances the president’s priority of lowering drug prices even further and increasing transparency in health care for the benefit of all Americans.”Still, some lawmakers and business groups are already lining up on the other side, saying the legislation goes too far in limiting drugmakers’ discretion to set prices and doesn’t do enough to help consumers.Getting drug prices under control has been a top priority of the Trump administration and lawmakers of both parties, but action so far has been limited. Last week, the White House pulled back a proposal that would have curbed rebates paid to drug-plan middlemen, and earlier this week Democrats in the House said they would put off debate on a drug-price bill until September.The Senate bill would force drugmakers to give rebates to the federal government if they raised the list prices of drugs at a faster rate than other prices in the economy. To keep drugmakers from jacking up prices ahead of the bill’s passage, the inflation cap would be anchored to a medicine’s price on July 1 of this year.Nothing in the measure curbs the price pharmaceutical companies set for new drugs, as lawmakers seek to protect innovation and preserve patient access to new therapies. Drugmakers would still have the ability to set high nominal list prices in order to offset any concerns that a low inflation rate would erode profits.Breakthrough medicines are coming with increasingly higher starting prices. Zolgensma, a recently approved Novartis AG treatment for a condition called spinal muscular atrophy, will cost as much as $2 million. The coming years are expected to see more expensive therapies based on genetic science and other new technology reach the marketplace.Trump PushTop Trump administration officials, including Health and Human Services Secretary Alex Azar and Joe Grogan, director of the White House Domestic Policy Council, met recently with Senate Republicans to push them to embrace some ideas from Democrats, such as the inflation rebate developed by Wyden, that often are counter to GOP orthodoxy.However, some Senate Republicans balked at the new bill on Tuesday.“Basically we’re talking about price controls and once you open that door, other things will happen,” said Pat Roberts of Kansas.What this comes down to is “will Republican Senators take on pharma,” Wyden said.Other parts of the bill would make changes to how Medicaid, the federal-state program for low-income people, pays for medications. The bill’s backers said it would increase transparency in the pharmaceutical supply chain, which depends on a complex web of middlemen and distributors.The Department of Health and Human Services would be required to make public data it receives annually from middlemen, known as pharmacy-benefit managers, including the aggregate amount of rebates they negotiate from drugmakers on the list price of a therapy in exchange for better access to patients. The rebates have been criticized for leaving those with high-deductible coverage with large out-of-pocket costs.Shares of drugmakers and pharmacy-benefit managers showed little reaction to the measure. The Nasdaq Biotechnology Index was up 0.2% at 3:46 p.m. in New York.The Campaign for Sustainable Rx Pricing, an advocacy group that supports market-based solutions to drug-pricing issues, said the Senate proposal is a “good first step.” The organization represents a coalition of health-care providers, hospitals, pharmacy-benefit managers and insurers.Aggressive LobbyingLawmakers have worked for months to come up with a viable plan that can appease Republicans, Democrats and the Trump White House. All the same, the measure is likely to face many obstacles, including aggressive lobbying by a pharmaceutical industry that has so far fended off many recent efforts to change its business practices.The lobbying group Pharmaceutical Research and Manufacturers of America, which represents some of the largest drugmakers, said it opposed the bill. The group’s chief executive, Stephen Ubl, said it “would siphon more than $150 billion from researching and developing new medicines.”The industry has long claimed any attempt to curb prices would hurt its ability to fund research and stymie U.S. patients’ access to new treatments.The U.S. Chamber of Commerce also opposed what it said would amount to using “the power of the government to impose price controls.”The committee will consider amendments to the legislation Thursday and potentially pass it on to the entire Senate for a vote if enough panel members are on board. The Senate is expected to break for August recess at the end of next week.The House is expected to weigh in on drug prices when lawmakers return from recess in September. Democrats who are in control there will unveil their own legislation then, the chief health-care adviser to House Speaker Nancy Pelosi said on Monday. That proposal is likely to address drugs that don’t face much competition, the Pelosi aide, Wendell Primus, said at an event at the Brookings Institution.(Adds stock-index information in 16th paragraph)\--With assistance from Alexander Ruoff, Riley Griffin and Josh Wingrove.To contact the reporter on this story: Anna Edney in Washington at aedney@bloomberg.netTo contact the editors responsible for this story: Drew Armstrong at darmstrong17@bloomberg.net, Timothy Annett, Mark SchoifetFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

(Bloomberg) -- A bipartisan Senate bill would yield $100 billion in savings on prescription-drug spending over a decade, two of its sponsors said, in part by penalizing pharmaceutical companies for raising prices faster than the rate of inflation.The legislation, which has the backing of the White House, contains several proposals designed to reduce government outlays in Medicare and Medicaid. It also seeks to limit what patients who have Medicare drug plans would have to spend out of their own pockets on prescriptions.The measure, released by the Republican and Democratic leaders of the Senate Finance Committee, Chuck Grassley of Iowa and Ron Wyden of Oregon, is expected to be taken up by that panel later this week.“We are engaging with coalitions to help build support,” White House spokesman Judd Deere said in a statement. “We will work with Senators to ensure this proposal moves forward and advances the president’s priority of lowering drug prices even further and increasing transparency in health care for the benefit of all Americans.”Still, some lawmakers and business groups are already lining up on the other side, saying the legislation goes too far in limiting drugmakers’ discretion to set prices and doesn’t do enough to help consumers.Getting drug prices under control has been a top priority of the Trump administration and lawmakers of both parties, but action so far has been limited. Last week, the White House pulled back a proposal that would have curbed rebates paid to drug-plan middlemen, and earlier this week Democrats in the House said they would put off debate on a drug-price bill until September.The Senate bill would force drugmakers to give rebates to the federal government if they raised the list prices of drugs at a faster rate than other prices in the economy. To keep drugmakers from jacking up prices ahead of the bill’s passage, the inflation cap would be anchored to a medicine’s price on July 1 of this year.Nothing in the measure curbs the price pharmaceutical companies set for new drugs, as lawmakers seek to protect innovation and preserve patient access to new therapies. Drugmakers would still have the ability to set high nominal list prices in order to offset any concerns that a low inflation rate would erode profits.Breakthrough medicines are coming with increasingly higher starting prices. Zolgensma, a recently approved Novartis AG treatment for a condition called spinal muscular atrophy, will cost as much as $2 million. The coming years are expected to see more expensive therapies based on genetic science and other new technology reach the marketplace.Trump PushTop Trump administration officials, including Health and Human Services Secretary Alex Azar and Joe Grogan, director of the White House Domestic Policy Council, met recently with Senate Republicans to push them to embrace some ideas from Democrats, such as the inflation rebate developed by Wyden, that often are counter to GOP orthodoxy.However, some Senate Republicans balked at the new bill on Tuesday.“Basically we’re talking about price controls and once you open that door, other things will happen,” said Pat Roberts of Kansas.What this comes down to is “will Republican Senators take on pharma,” Wyden said.Other parts of the bill would make changes to how Medicaid, the federal-state program for low-income people, pays for medications. The bill’s backers said it would increase transparency in the pharmaceutical supply chain, which depends on a complex web of middlemen and distributors.The Department of Health and Human Services would be required to make public data it receives annually from middlemen, known as pharmacy-benefit managers, including the aggregate amount of rebates they negotiate from drugmakers on the list price of a therapy in exchange for better access to patients. The rebates have been criticized for leaving those with high-deductible coverage with large out-of-pocket costs.Shares of drugmakers and pharmacy-benefit managers showed little reaction to the measure. The Nasdaq Biotechnology Index was up 0.2% at 3:46 p.m. in New York.The Campaign for Sustainable Rx Pricing, an advocacy group that supports market-based solutions to drug-pricing issues, said the Senate proposal is a “good first step.” The organization represents a coalition of health-care providers, hospitals, pharmacy-benefit managers and insurers.Aggressive LobbyingLawmakers have worked for months to come up with a viable plan that can appease Republicans, Democrats and the Trump White House. All the same, the measure is likely to face many obstacles, including aggressive lobbying by a pharmaceutical industry that has so far fended off many recent efforts to change its business practices.The lobbying group Pharmaceutical Research and Manufacturers of America, which represents some of the largest drugmakers, said it opposed the bill. The group’s chief executive, Stephen Ubl, said it “would siphon more than $150 billion from researching and developing new medicines.”The industry has long claimed any attempt to curb prices would hurt its ability to fund research and stymie U.S. patients’ access to new treatments.The U.S. Chamber of Commerce also opposed what it said would amount to using “the power of the government to impose price controls.”The committee will consider amendments to the legislation Thursday and potentially pass it on to the entire Senate for a vote if enough panel members are on board. The Senate is expected to break for August recess at the end of next week.The House is expected to weigh in on drug prices when lawmakers return from recess in September. Democrats who are in control there will unveil their own legislation then, the chief health-care adviser to House Speaker Nancy Pelosi said on Monday. That proposal is likely to address drugs that don’t face much competition, the Pelosi aide, Wendell Primus, said at an event at the Brookings Institution.(Adds stock-index information in 16th paragraph)\--With assistance from Alexander Ruoff, Riley Griffin and Josh Wingrove.To contact the reporter on this story: Anna Edney in Washington at aedney@bloomberg.netTo contact the editors responsible for this story: Drew Armstrong at darmstrong17@bloomberg.net, Timothy Annett, Mark SchoifetFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

(Bloomberg) -- A bipartisan Senate bill would yield $100 billion in savings on prescription-drug spending over a decade, two of its sponsors said, in part by penalizing pharmaceutical companies for raising prices faster than the rate of inflation.The legislation, which has the backing of the White House, contains several proposals designed to reduce government outlays in Medicare and Medicaid. It also seeks to limit what patients who have Medicare drug plans would have to spend out of their own pockets on prescriptions.The measure, released by the Republican and Democratic leaders of the Senate Finance Committee, Chuck Grassley of Iowa and Ron Wyden of Oregon, is expected to be taken up by that panel later this week.“We are engaging with coalitions to help build support,” White House spokesman Judd Deere said in a statement. “We will work with Senators to ensure this proposal moves forward and advances the president’s priority of lowering drug prices even further and increasing transparency in health care for the benefit of all Americans.”Still, some lawmakers and business groups are already lining up on the other side, saying the legislation goes too far in limiting drugmakers’ discretion to set prices and doesn’t do enough to help consumers.Getting drug prices under control has been a top priority of the Trump administration and lawmakers of both parties, but action so far has been limited. Last week, the White House pulled back a proposal that would have curbed rebates paid to drug-plan middlemen, and earlier this week Democrats in the House said they would put off debate on a drug-price bill until September.The Senate bill would force drugmakers to give rebates to the federal government if they raised the list prices of drugs at a faster rate than other prices in the economy. To keep drugmakers from jacking up prices ahead of the bill’s passage, the inflation cap would be anchored to a medicine’s price on July 1 of this year.Nothing in the measure curbs the price pharmaceutical companies set for new drugs, as lawmakers seek to protect innovation and preserve patient access to new therapies. Drugmakers would still have the ability to set high nominal list prices in order to offset any concerns that a low inflation rate would erode profits.Breakthrough medicines are coming with increasingly higher starting prices. Zolgensma, a recently approved Novartis AG treatment for a condition called spinal muscular atrophy, will cost as much as $2 million. The coming years are expected to see more expensive therapies based on genetic science and other new technology reach the marketplace.Trump PushTop Trump administration officials, including Health and Human Services Secretary Alex Azar and Joe Grogan, director of the White House Domestic Policy Council, met recently with Senate Republicans to push them to embrace some ideas from Democrats, such as the inflation rebate developed by Wyden, that often are counter to GOP orthodoxy.However, some Senate Republicans balked at the new bill on Tuesday.“Basically we’re talking about price controls and once you open that door, other things will happen,” said Pat Roberts of Kansas.What this comes down to is “will Republican Senators take on pharma,” Wyden said.Other parts of the bill would make changes to how Medicaid, the federal-state program for low-income people, pays for medications. The bill’s backers said it would increase transparency in the pharmaceutical supply chain, which depends on a complex web of middlemen and distributors.The Department of Health and Human Services would be required to make public data it receives annually from middlemen, known as pharmacy-benefit managers, including the aggregate amount of rebates they negotiate from drugmakers on the list price of a therapy in exchange for better access to patients. The rebates have been criticized for leaving those with high-deductible coverage with large out-of-pocket costs.Shares of drugmakers and pharmacy-benefit managers showed little reaction to the measure. The Nasdaq Biotechnology Index was up 0.2% at 3:46 p.m. in New York.The Campaign for Sustainable Rx Pricing, an advocacy group that supports market-based solutions to drug-pricing issues, said the Senate proposal is a “good first step.” The organization represents a coalition of health-care providers, hospitals, pharmacy-benefit managers and insurers.Aggressive LobbyingLawmakers have worked for months to come up with a viable plan that can appease Republicans, Democrats and the Trump White House. All the same, the measure is likely to face many obstacles, including aggressive lobbying by a pharmaceutical industry that has so far fended off many recent efforts to change its business practices.The lobbying group Pharmaceutical Research and Manufacturers of America, which represents some of the largest drugmakers, said it opposed the bill. The group’s chief executive, Stephen Ubl, said it “would siphon more than $150 billion from researching and developing new medicines.”The industry has long claimed any attempt to curb prices would hurt its ability to fund research and stymie U.S. patients’ access to new treatments.The U.S. Chamber of Commerce also opposed what it said would amount to using “the power of the government to impose price controls.”The committee will consider amendments to the legislation Thursday and potentially pass it on to the entire Senate for a vote if enough panel members are on board. The Senate is expected to break for August recess at the end of next week.The House is expected to weigh in on drug prices when lawmakers return from recess in September. Democrats who are in control there will unveil their own legislation then, the chief health-care adviser to House Speaker Nancy Pelosi said on Monday. That proposal is likely to address drugs that don’t face much competition, the Pelosi aide, Wendell Primus, said at an event at the Brookings Institution.(Adds stock-index information in 16th paragraph)\--With assistance from Alexander Ruoff, Riley Griffin and Josh Wingrove.To contact the reporter on this story: Anna Edney in Washington at aedney@bloomberg.netTo contact the editors responsible for this story: Drew Armstrong at darmstrong17@bloomberg.net, Timothy Annett, Mark SchoifetFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

(Bloomberg) -- A bipartisan Senate bill would yield $100 billion in savings on prescription-drug spending over a decade, two of its sponsors said, in part by penalizing pharmaceutical companies for raising prices faster than the rate of inflation.The legislation, which has the backing of the White House, contains several proposals designed to reduce government outlays in Medicare and Medicaid. It also seeks to limit what patients who have Medicare drug plans would have to spend out of their own pockets on prescriptions.The measure, released by the Republican and Democratic leaders of the Senate Finance Committee, Chuck Grassley of Iowa and Ron Wyden of Oregon, is expected to be taken up by that panel later this week.“We are engaging with coalitions to help build support,” White House spokesman Judd Deere said in a statement. “We will work with Senators to ensure this proposal moves forward and advances the president’s priority of lowering drug prices even further and increasing transparency in health care for the benefit of all Americans.”Still, some lawmakers and business groups are already lining up on the other side, saying the legislation goes too far in limiting drugmakers’ discretion to set prices and doesn’t do enough to help consumers.Getting drug prices under control has been a top priority of the Trump administration and lawmakers of both parties, but action so far has been limited. Last week, the White House pulled back a proposal that would have curbed rebates paid to drug-plan middlemen, and earlier this week Democrats in the House said they would put off debate on a drug-price bill until September.The Senate bill would force drugmakers to give rebates to the federal government if they raised the list prices of drugs at a faster rate than other prices in the economy. To keep drugmakers from jacking up prices ahead of the bill’s passage, the inflation cap would be anchored to a medicine’s price on July 1 of this year.Nothing in the measure curbs the price pharmaceutical companies set for new drugs, as lawmakers seek to protect innovation and preserve patient access to new therapies. Drugmakers would still have the ability to set high nominal list prices in order to offset any concerns that a low inflation rate would erode profits.Breakthrough medicines are coming with increasingly higher starting prices. Zolgensma, a recently approved Novartis AG treatment for a condition called spinal muscular atrophy, will cost as much as $2 million. The coming years are expected to see more expensive therapies based on genetic science and other new technology reach the marketplace.Trump PushTop Trump administration officials, including Health and Human Services Secretary Alex Azar and Joe Grogan, director of the White House Domestic Policy Council, met recently with Senate Republicans to push them to embrace some ideas from Democrats, such as the inflation rebate developed by Wyden, that often are counter to GOP orthodoxy.However, some Senate Republicans balked at the new bill on Tuesday.“Basically we’re talking about price controls and once you open that door, other things will happen,” said Pat Roberts of Kansas.What this comes down to is “will Republican Senators take on pharma,” Wyden said.Other parts of the bill would make changes to how Medicaid, the federal-state program for low-income people, pays for medications. The bill’s backers said it would increase transparency in the pharmaceutical supply chain, which depends on a complex web of middlemen and distributors.The Department of Health and Human Services would be required to make public data it receives annually from middlemen, known as pharmacy-benefit managers, including the aggregate amount of rebates they negotiate from drugmakers on the list price of a therapy in exchange for better access to patients. The rebates have been criticized for leaving those with high-deductible coverage with large out-of-pocket costs.Shares of drugmakers and pharmacy-benefit managers showed little reaction to the measure. The Nasdaq Biotechnology Index was up 0.2% at 3:46 p.m. in New York.The Campaign for Sustainable Rx Pricing, an advocacy group that supports market-based solutions to drug-pricing issues, said the Senate proposal is a “good first step.” The organization represents a coalition of health-care providers, hospitals, pharmacy-benefit managers and insurers.Aggressive LobbyingLawmakers have worked for months to come up with a viable plan that can appease Republicans, Democrats and the Trump White House. All the same, the measure is likely to face many obstacles, including aggressive lobbying by a pharmaceutical industry that has so far fended off many recent efforts to change its business practices.The lobbying group Pharmaceutical Research and Manufacturers of America, which represents some of the largest drugmakers, said it opposed the bill. The group’s chief executive, Stephen Ubl, said it “would siphon more than $150 billion from researching and developing new medicines.”The industry has long claimed any attempt to curb prices would hurt its ability to fund research and stymie U.S. patients’ access to new treatments.The U.S. Chamber of Commerce also opposed what it said would amount to using “the power of the government to impose price controls.”The committee will consider amendments to the legislation Thursday and potentially pass it on to the entire Senate for a vote if enough panel members are on board. The Senate is expected to break for August recess at the end of next week.The House is expected to weigh in on drug prices when lawmakers return from recess in September. Democrats who are in control there will unveil their own legislation then, the chief health-care adviser to House Speaker Nancy Pelosi said on Monday. That proposal is likely to address drugs that don’t face much competition, the Pelosi aide, Wendell Primus, said at an event at the Brookings Institution.(Adds stock-index information in 16th paragraph)\--With assistance from Alexander Ruoff, Riley Griffin and Josh Wingrove.To contact the reporter on this story: Anna Edney in Washington at aedney@bloomberg.netTo contact the editors responsible for this story: Drew Armstrong at darmstrong17@bloomberg.net, Timothy Annett, Mark SchoifetFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

Canadian police named two missing men as suspects in the deaths of a vacationing American and her Australian boyfriend, as well as an unidentified man.

Canadian police named two missing men as suspects in the deaths of a vacationing American and her Australian boyfriend, as well as an unidentified man.

Boris Johnson, Britain's blustering Brexit campaigner, has been chosen as the U.K.'s next prime minister, with a resounding mandate from the Conservative Party but conflicting demands from a politically divided country. Johnson is set to become prime minister on Wednesday after winning an election to lead the governing Conservatives. Famed for his bravado, quips in Latin and blond mop of hair , Johnson easily defeated Conservative rival Jeremy Hunt, winning two-thirds of the votes of about 160,000 party members.

Boris Johnson, Britain's blustering Brexit campaigner, has been chosen as the U.K.'s next prime minister, with a resounding mandate from the Conservative Party but conflicting demands from a politically divided country. Johnson is set to become prime minister on Wednesday after winning an election to lead the governing Conservatives. Famed for his bravado, quips in Latin and blond mop of hair , Johnson easily defeated Conservative rival Jeremy Hunt, winning two-thirds of the votes of about 160,000 party members.

Boris Johnson succeeded Theresa May as Britain's new leader on Tuesday and the incoming prime minster faces a potentially bumpy ride.

Boris Johnson succeeded Theresa May as Britain's new leader on Tuesday and the incoming prime minster faces a potentially bumpy ride.