J&J ordered to pay $572m in opioid crisis trial
A judge in the US state of Oklahoma found that Johnson & Johnson was responsible for part of state’s deadly opioid addiction epidemic and ordered the pharmaceutical company to pay at least $572m to support treatment plans. The stated had asked for $17bn; J&J’s shares were up 4% following the ruling. Johnson & Johnson denies wrongdoing, called the judge’s decision “flawed” and said it would file an appeal. The firm faces similar trials in at least 40 other US states. Sources: Deutsche Welle, Financial Times, The Guardian, Reuters and Washington Post.
Amgen picks up Otezla
The drugs firm Amgen will buy Otezla, a treatment for psoriasis, from Celgene for $13.4bn, which clears the way for Bristol-Myers Squibb’s $74bn acquisition of Celgene. Sources: Financial Times, Investor’s Business Daily and Reuters.
Greece ending capital controls
Athens will fully lift the capital controls instituted during its financial crisis in 2015, starting on 1 September. Sources: The Guardian, Kathimerini and Reuters.
Slipping sterling pulls in international investors
The weak pound is making UK firms attractive to foreign buyers. Sources: Bloomberg, Marketwatch and the Wall Street Journal.
JAB looks to unleash animal spirits with fund
The Luxembourg-based investment vehicle JAB Holdings, which owns Keurig Dr Pepper and Pret A Manger, is looking to raise up to €8bn for new investments in the pet care and veterinary clinic sectors, according to the Financial Times.
Italian party leaders possibly nearing agreement
Italy’s Democratic Party and Five Start Movement are reportedly close to forming a new government that would reappoint outgoing PM Giuseppe Conte. Sources: Ansa, France 24 and The Guardian.
Indonesia relocating capital
The president of Indonesia, Joko Widodo, said the government will move from Jakarta to the province of East Kalimantan on the island of Borneo. Sources: BBC, The Guardian and Los Angeles Times.
Weinstein pleads not guilty; trial delayed
The film producer Harvey Weinstein pleaded not guilty to new two charges of sexual assault, pushing back his trial (on five sexual assault allegations, which he denies) from next month to January 2020. Sources: The Guardian, Reuters and Washington Post.
Later today
11am: Free walking tour of Luxembourg City. 7pm-10pm: Practice your English, French, German, Italian, Luxembourgish or Italian at this Club Polyglotte meeting.
Looking ahead
Wednesday 28 August: The Foundry coworking space starts its “sustainable event series” with a talk on corporate social responsibility programmes, 6pm-8:30pm. Wednesday 28 August: Luxembourg Junior Chamber visits the Luxembourg House of Startups, 6:30pm-8:30pm.
Here are 7 science & technology stories you may have missed
Phishing: “Microsoft remains the biggest brand copied by phishing attacks” while “fake URLs targeting Facebook accounts have grown by 176% in just a year” according to a cybersecurity vendor report covered by ZDnet. Privacy: Contractors for Microsoft listed to audio clips of Xbox players, including children playing games, per Vice Motherboard. Ethereum: A BBC reporter explained “How I lost £25,000 when my cryptocurrency was stolen”. Banktech: A security researcher was able to “open the majority of [ATM] locks in five minutes or under… using nothing more than an oscilloscope and a laptop,” per Observer.com. Encryption: Researchers are starting to develop cryptographic security standards for the coming quantum computing age, per Science magazine. Public service: New York City has a pilot programme to help domestic abuse victims with cybersecurity and privacy issues, such as wiping stalkerware off their devices, per MIT Technology Review. Online dating: The Daily Beast explained how police caught a scammer in southern California who tricked dozens of women into paying for expensive restaurant meals.
VW leader Piech dies
Ferdinand Piech, the former chairman and CEO of Volkswagen, who helped the automaker become a global giant, passed away at the age of 82. Sources: Deutsche Welle, Financial Times and The Guardian.
KFC testing vegan nuggets
The American fast food chain KFC is trialling vegan ‘chicken’ nuggets at one of its US restaurants. Sources: Atlanta Journal Constitution, Financial Times and The Guardian.
Today’s breakfast briefing was written by Aaron Grunwald