FDA approves return of Primatene Mist

A new version of the asthma inhaler Primatene Mist will soon be in U.S. stores.

The Food and Drug Administration approved the over-the-counter aerosol inhaler Wednesday for temporary relief of mild asthma symptoms in people ages 12 and up.

The original Primatene Mist was discontinued in 2011 as the inhaler’s ozone-depleting propellant had been banned.

The product developed by Amphastar Pharmaceuticals uses a safer propellant and contains less alcohol and epinephrine, which can increase heart rate, especially if the inhaler is used too much. The inhaler will cost about $25 and should be available by the end of the year.

The FDA said Thursday that the inhaler should not be substituted for prescription treatments or used by people with severe asthma.

— Associated Press

MoneyGram agrees to pay U.S. $125 million

Cash transfer company MoneyGram International agreed to pay $125 million in penalties to the U.S. Justice Department for violating the terms of a 2012 settlement related to accusations of defrauding customers.

The Justice Department, in documents filed in federal court in Pennsylvania on Thursday, said MoneyGram violated the terms of a 2012 settlement with the government by covering up weaknesses in its anti-fraud program. That led to the processing of an additional $125 million in fraudulent transactions between April 2015 and October 2016. The penalty money will go to victims, according to the filing.

MoneyGram also settled with the Federal Trade Commission, which had accused the company of violating a 2009 order requiring it to crack down on fraud in its network.

— Bloomberg News

Court shutters firms that FTC calls a scam

A federal court has ordered the temporary shutdown of a real estate operation called Sanctuary Belize, among other names, the Federal Trade Commission said Thursday, adding it was a scam that has cost investors more
than $100 million in more than 10 years.

The commission has asked the U.S. District Court in Maryland to permanently close the firms. The agency said Andris Pukke, whom it called a serial scammer, had joined with others to sell lots in a luxury development in Belize, promising it would have amenities like a golf course and casino that have not been completed.

Pukke began selling the lots in about 2005, advertising on cable news channels, the commission said. There are more than 1,000 victims who may have paid as much as $500,000 outright or made down payments, the commission said in its complaint.

— Reuters

Also in Business

Walt Disney Co. reported fourth-quarter profit and revenue that beat analysts' estimates, driven by the success of its Marvel sequel "Ant Man and the Wasp" and an increase in visitors to its theme parks in the summer. Shares of the company, which is buying the bulk of 21st Century Fox's TV and film units, rose 2 percent to $118.39 per share after the bell. Revenue from Disney's studio rose 50 percent to $2.15 billion, beating the average analyst estimate of $1.80 billion. Revenue from its theme parks and resorts rose 8.6 percent to $5.07 billion, beating analysts' estimate of $5.09 billion. Net income attributable to Disney rose from last year's $1.75 billion, or $1.13 per share, to $2.32 billion, or $1.55 per share, in the fourth quarter that ended Sept. 29.

Bombardier on Thursday agreed to sell two of its units for around $900 million and cut 5,000 jobs to focus on business jets, but its shares fell as much as 26 percent on a disappointing free-cash-flow forecast. The Canadian plane and train maker said it would be able to meet its 2018 free-cash-flow estimate only by using $635 million in proceeds from the sale of a Toronto plant earlier this year. The company said the round of layoffs — which will be more than 7 percent of its global workforce — will save Bombardier about $250 million by 2021.

— From news services