Anna's Daybreak News

_{Just facts, you think for yourself}

Thursday, 5:12 AM

October 17, 2024

Good morning news friend! Stay in tune with the latest changes, keeping track of the unfolding events around you. 📰🌟

McKinsey’s Opioid Problem

McKinsey may pay at least $500 million to resolve federal investigations related to its work with Purdue Pharma, the maker of OxyContin.

The Justice Department has conducted both criminal and civil probes into McKinsey's efforts to help increase opioid sales.

McKinsey has faced previous scrutiny, paying $573 million in 2021 to settle claims from 47 states. In late 2023, it paid $78 million to resolve health insurer allegations and $39.5 million to federally recognized Tribes.

Although McKinsey denies any wrongdoing, it acknowledges the scrutiny and admits its past work did not meet its high standards.

Source: Read More

Mortgage Rates Spike 

The average 30-year fixed mortgage rate is now 6.52%, the highest since August. A jump of 0.4 percentage points from September's 6.14%. 

This is the sharpest rise in two weeks since February 2023. Moreover, mortgage applications fell by 17% last week.

Normally, rates may drop when the Fed cuts rates. However, yields on the 10-year Treasury notes, a benchmark for mortgage rates, have surged from 3.6% to 4.01%.

Freddie Mac's chief economist, Sam Khater, noted that the rise in rates is mainly due to shifts in expectations, not weakness in the economy.

Source: Read More

US B-2 Stealth Bombers Strike Iran-backed Houthi Positions in Yemen

US long-range B-2 stealth bombers conducted airstrikes against Houthi rebels in Yemen. The strikes targeted five underground bunkers used for weapon storage.

This is the first known use of B-2 bombers against the Houthis. 

US Defense Secretary Lloyd Austin emphasized the bombers' ability to reach fortified sites. The strikes serve as a warning to Iran, the Houthis' key supporter.

The B-2, valued at $1 billion, is designed for penetrating deep targets, including potential Iranian nuclear facilities.

Source: Read More

Boeing's $15 Billion Plan

Boeing is finalizing a $15 billion financing plan to stabilize its finances. A 33,000 worker strike that began on September 13 has all but halted Boeing’s production line.

The company has warned it could raise up to $25 billion, suggesting that $15 billion might not suffice.

The plan includes selling about $10 billion in new shares and nearly $5 billion in convertible bonds, which can convert to equity later.

Market experts recommend finalizing this deal post-strike to minimize shareholder impact. Boeing’s shares dropped 40% this year.

Source: Read More

Raytheon’s $252 Million Bribe Settlement

RTX Corporation, formerly known as Raytheon, will pay $252 million to settle bribery charges.

From 2012 to 2016, the company allegedly bribed a foreign official to win contracts with the Qatar Emiri Air Force and Qatar Armed Forces.

Raytheon secured four additions to a contract with the Gulf Cooperation Council and a $510 million deal to build a joint operations center for the Qatari military.

As part of the settlement, Raytheon accepted a deferred prosecution agreement and must forfeit $36.6 million. The company must now demonstrate good conduct for the next 3½ years.

Source: Read More

“Asking science to explain life and vital matters is equivalent to asking a grammarian to explain poetry.”

Baked with love,

Anna Eisenberg ❤️