- 1. Boris Johnson pushes for Brexit vote after latest setback in Parliament
- 2. China seeks sanctions against U.S. in Obama-era WTO case
- 3. Drug companies agree to pay $260 million in last-minute opioid settlement
- 4. Saks owner Hudson's Bay taking company private
- 5. SoftBank to lend WeWork $5 billion, take control of company
1. Boris Johnson pushes for Brexit vote after latest setback in Parliament
British Prime Minister Boris Johnson is pushing for Parliament approve his Brexit deal in Tuesday votes in what he has called a "do or die" moment ahead of Britain's scheduled Oct. 31 departure from the European Union. House of Commons Speaker John Bercow rejected Johnson's call for a Monday vote. Bercow said Johnson's Monday request was essentially the same as one Parliament rejected Saturday. "The house should not be continually bombarded with the requirement to consider the same matter over and over and over again," Bercow said. Lawmakers want more time to review the deal Johnson reached with the EU, which hasn't responded to a request for an extension Johnson was legally obliged to make after missing a deadline for winning Parliament's approval.
2. China seeks sanctions against U.S. in Obama-era WTO case
China is asking the World Trade Organization to sign off on $2.4 billion in retaliatory sanctions against the U.S. for failing to comply with a ruling in an Obama-era tariff case, Reuters reported Monday, citing a newly published document. The case involves China's challenge to 2012 U.S. anti-subsidy tariffs on exported Chinese solar panels, wind towers, and other products valued at $7.3 billion. WTO judges ruled in July that the U.S. had not fully complied with a ruling in the case, and the WTO's Dispute Settlement Body in August signaled to Beijing that it could go after compensatory sanctions. The U.S. then denied the validity of the findings, saying the WTO had applied "the wrong legal interpretation" in the dispute, and accused China of being a "serial offender" in the WTO subsidies agreement.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Drug companies agree to pay $260 million in last-minute opioid settlement
Under a last-minute deal reached Monday, four drug companies will pay two Ohio counties over the firms' role in the opioid epidemic. Distributors McKesson Corp., AmerisourceBergen, and Cardinal Health settled for $215 million, while manufacturer Teva Pharmaceuticals will pay $20 million and provide $25 million of anti-addiction medication. The deal came shortly before opening arguments were to begin in what was to be the first federal opioid trial. The counties accused the companies of fueling addictions to the powerful painkillers by failing to monitor and flag large, suspicious orders. Another defendant, pharmacy chain Walgreens, wasn't included in the settlement, and its case was postponed. The trial was expected to be a test case for more than 2,300 opioid lawsuits brought by state and local governments.
4. Saks owner Hudson's Bay taking company private
Saks Fifth Avenue owner Hudson's Bay said Monday that it is taking the struggling luxury department store chain private in an attempt to revive it. The deal is expected to be closed by early next year. Hudson's Bay, like other brick-and-mortar retailers, has struggled against online competition and shifting tastes. The Canadian company already has sold off some of its businesses, including Lord & Taylor, but Saks Fifth Avenue has done relatively well despite its own problems with declining sales. Hudson's Bay said the shareholder group taking the company private, which includes Executive Chairman Richard Baker, would buy common shares at $7.86 per share in cash, up from a June offer of $7.21 and making the deal worth more than $1.4 billion.
5. SoftBank to lend WeWork $5 billion, take control of company
SoftBank Group Corp. has offered $5 billion in debt financing for WeWork in a deal that would give it control of the company, Reuters and CNBC reported Monday, citing people familiar with the matter. Without the infusion, WeWork could run out of cash as early as November. The office sharing startup's fortunes have plummeted in recent weeks. Investor objections forced out co-founder and former CEO Adam Neumann, although he now serves as board chairman, and the office-sharing startup had to cancel plans for a September initial public offering of stock. SoftBank also is accelerating a $1.5 billion equity commitment made in January that valued the company at $47 billion. SoftBank is trying to renegotiate it with a valuation around $8 billion.
-
Should you add your child to your credit card?The Explainer You can make them an authorized user on your account in order to help them build credit
-
Cracker Barrel crackup: How the culture wars are upending corporate brandingIn the Spotlight Is it 'woke' to leave nostalgia behind?
-
'It's hard to discern what it actually means'Instant Opinion Opinion, comment and editorials of the day
-
How China uses 'dark fleets' to circumvent trade sanctionsThe Explainer The fleets are used to smuggle goods like oil and fish
-
One year after mass protests, why are Kenyans taking to the streets again?today's big question More than 60 protesters died during demonstrations in 2024
-
What happens if tensions between India and Pakistan boil over?TODAY'S BIG QUESTION As the two nuclear-armed neighbors rattle their sabers in the wake of a terrorist attack on the contested Kashmir region, experts worry that the worst might be yet to come
-
Why Russia removed the Taliban's terrorist designationThe Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
-
Inside the Israel-Turkey geopolitical dance across SyriaTHE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
-
'Like a sound from hell': Serbia and sonic weaponsThe Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
-
The arrest of the Philippines' former president leaves the country's drug war in disarrayIn the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
-
Ukrainian election: who could replace Zelenskyy?The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
