International Monetary Fund Managing Director Christine Lagarde said Monday that trade disputes and tariffs are starting to dim the outlook for global growth, calling on countries to resolve their differences and overhaul global trading rules.
Lagarde, in a speech ahead of the IMF and World Bank’s annual meetings next week in Indonesia, said growth was at its highest level since 2011 but has plateaued, with fewer countries participating in the expansion.
“In July, we projected 3.9 percent global growth for 2018 and 2019. The outlook has since become less bright, as you will see from our updated forecast next week,” Lagarde said without providing new figures.
“A key issue is that rhetoric is morphing into a new reality of actual trade barriers. This is hurting not only trade itself, but also investment and manufacturing as uncertainty continues to rise,” she added.
While the United States is growing strongly because of tax cuts and easy financial conditions, there are signs of slowing in Europe and Japan, she said. China is also showing signs of growth moderation, a trend that will be exacerbated by its trade disputes with the United States, which has imposed tariffs on $250 billion worth of imports from China and is threatening duties on $267 billion more.
AmerisourceBergen Corp., one of the largest U.S. drug wholesalers, will pay $625 million to resolve civil fraud charges that include selling adulterated and unapproved drugs for cancer patients, double billing and providing kickbacks to doctors.
The settlement announced Monday by the Justice Department boosts the company’s payout to $885 million over its repackaging and distribution of pre-filled syringes that were not approved by the Food and Drug Administration.
In September 2017, the company’s Specialty Group pleaded guilty to a related misdemeanor and paid $260 million.
AmerisourceBergen did not immediately respond to requests for comment. The Chesterbrook, Pa.-based company has set aside money for the settlement.
AmerisourceBergen admitted that, for 13 years, its Medical Initiatives pharmacy in Alabama illegally shipped millions of syringes for chemotherapy patients with drugs prepared in an unsterile environment.
A measure of U.S. factory activity retreated from a more than 14-year high in September as growth in new orders slowed, but supply bottlenecks appeared to be easing, suggesting a steady pace of expansion in manufacturing. Other data on Monday showed a small increase in construction spending in August amid weakness in investment in private residential and nonresidential projects.
Air-safety regulators have ordered more-intensive checks on engines that power thousands of older Boeing 737 planes after an exploding turbine on a Southwest Airlines flight caused the death of a passenger earlier this year. The European Aviation Safety Agency will now require CFM56 engines to undergo inspections every 1,600 flight cycles, down from 3,000, according to its website. The directive, which was followed by the Federal Aviation Administration on Monday, is set to go into effect Friday.
A Christian TV network is entering the crowded world of 24-hour news broadcasting at a time when the mainstream news media is under increasing attack by President Trump and some of his supporters, many of them evangelicals. The Christian Broadcasting Network's news channel will provide a religious perspective that other channels lack, CEO Gordon Robertson told the Associated Press
Italian coffee maker Lavazza will swallow the coffee business of U.S. food giant Mars to expand its global reach, in a deal worth around $650 million, including debt. The two companies said on Monday that Lavazza had agreed to buy Mars Drinks, a business that includes Flavia and Klix systems.
— From news services