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Latest news: Mexican President revokes nomination of central bank governor

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President of Mexico revokes nomination of central bank governor

The majority leader of the Mexican Senate, Ricardo Monreal, said on Tuesday that the president of the country withdrew his central bank governor candidate a few months ago, bringing uncertainty to monetary policy during a period of high inflation. sex.

The candidate of Arturo Herrera-Minister of Finance under the former President Andrés Manuel López Obrador-at 6 It was announced in January that he was originally scheduled to take office in January, awaiting confirmation by the Senate.

Monreal told reporters that the government withdrew his nomination in August, but did not explain why, adding that Herrera might still be nominated again.

Since the news broke, the President’s Office has not immediately responded to a request for comment, nor has it issued a public statement on the topic.

Investors have always believed that Herrera has a close relationship with the president, but analysts said that with an inflation rate of more than 6%, Tuesday’s news has brought more uncertainty to the country’s economy.

The news came a few hours after the government issued instructions to speed up large-scale projects and discussions on radical reforms of the energy sector. Critics of Lopez Obrador say these actions threaten the rule of law and independent institutions.

U.S. jury verifies that 3 large chain pharmacies are responsible for the opioid epidemic

A Walgreens store in the Hollywood neighbourhood of Los Angeles
A Walgreens store near Hollywood, Los Angeles © Christopher Lee/Bloomberg

The U.S. federal jury found that CVS, Walgreens, and Wal-Mart caused the deadly opioid epidemic in two counties in Ohio. This ruling may set a precedent for thousands of pending legal cases against chain pharmacies.

Lawyers in Lake County and Trumbull County said that the chain stores run by the three companies did not take sufficient measures to prevent the sale of addictive painkillers to residents, which resulted in hundreds of deaths from overdose and cost the authorities $1 billion.

This landmark case is the first time a drugstore chain has been held accountable at the end of the trial, because the opioid epidemic has caused more than half a million Americans to die in two decades.

In the United States, thousands of similar legal cases are pending, and state and local governments are seeking to recover tens of billions of dollars in social and healthcare costs related to the crisis.

In July, U.S. states agreed to reach a $26 billion settlement agreement with Johnson & Johnson and the three major U.S. drug distributors McKesson, Cardinal Health, and AmerisourceBergen to resolve allegations that these companies are contributing to the epidemic.

A jury found on Tuesday that chain pharmacies had caused public nuisance in the way that opioids were distributed, and dismissed the argument that doctors and drug manufacturers were primarily responsible for the crisis.

Read more about opioid decisions here.

WHO vows to issue Covid-19 antibody test licenses to developing countries

The World Health Organization has vowed to issue technical licenses to detect Covid-19 antibodies to poor and middle-income countries.

The agreement was signed on Tuesday to promote the rapid manufacturing and commercialization of serological coronavirus tests worldwide. The Spanish National Research Council, the Pharmaceutical Patent Pool, and the Covid-19 Technology Access Pool collaborated to develop the plan.

Carlos Alvarado Quesada, President of Costa Rica, the founder of the WHO Covid-19 Technology Access Pool, said: “This license proves that we are putting people in our global and multilateral efforts. Achievements that can be achieved while in the center.”

According to the WHO, these tests are simple to use and are applicable to all environments with basic laboratory infrastructure, such as those found in rural areas in developing countries.

WHO Director-General Tedros Adanom Gebrejesus said: “This is the kind of open and transparent permit we need to promote access during and after the pandemic.”

He added: “I urge the developers of Covid-19 vaccines, treatments and diagnostics to follow this example and reverse the trend of pandemics and devastating global inequality.”

U.S. stocks fell for two consecutive days after Powell’s nomination

Global stock markets fell on Tuesday, technology stocks fell, and traders weighed Jay Powell’s nomination for the re-election of the Fed chairman and a further surge in coronavirus cases in Europe.

The technology-focused Nasdaq Composite Index closed down 0.5%, while Wall Street’s blue chip S&P 500 closed up 0.2%. The stock index fell 1.3% and 0.3% respectively at the end of the trading day on Monday. The FTSE Global Index closed lower for the third consecutive day, down 0.2%.

Because fast-growing technology stocks are generally more sensitive to changes in interest rate policy, their movements have changed dramatically as traders began to bet that the U.S. Central Bank under Powell will adopt a more hawkish policy.

Fed funds futures-a market for hedging or betting on future interest rate changes-indicate that the Fed is about 75% more likely to raise U.S. interest rates from historical lows by June next year, up from about 60% per month. Data compiled by the business.

This shift is reflected in short-term US government bonds. The yield on the two-year U.S. Treasury bond rose earlier on Tuesday to its highest level since March last year, reaching 0.64%. At the end of the New York trading day, it hovered just below that level of 0.61%.

Read more about the market trend of the day here.

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