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Gates Foundation to spend $120M on access for COVID-19 pill

The Bill and Melinda Gates Foundation says it will spend $120 million to boost access to generic versions of drugmaker Merck's antiviral COVID-19 pill for lower income countries, if the drug gets approved by regulators.

The private foundation said in a statement released Wednesday it hasn't determined how it will allocate the money, but will use the funds to "support the range of activities required to develop and manufacture generic versions" of the drug, molnupiravir.

Merck has licensed its technology with generic drug manufacturers in India. Under the agreement, the... Read More

Bitcoin tops $66,000, hits high on mainstreaming excitement

NEW YORK (AP) ??" Bitcoin jumped to a record Wednesday, topping $66,000 for the first time, as it rides a wave of excitement about getting further accepted by the financial establishment.

Bitcoin was trading at $66,901.30, up 7.6%, as of 10:52 a.m. Eastern time. It's roared back after sinking below $30,000 during the summer to top its prior record set in April. That previous all-time high was nearly $64,889, according to CoinDesk.

A day earlier, the first exchange-traded fund linked to Bitcoin attracted huge interest from investors, giving another boost to the surging... Read More

Credit Suisse faces penalties over Mozambique loan deals

ZURICH (AP) ??" Credit Suisse has announced settlements totaling nearly $700 million with British and U.S. authorities over lending to Mozambique state-owned companies that Swiss regulators say violated anti-money laundering rules.

The Swiss financial markets authority also required the Zurich-based bank, Switzerland's second-largest, to improve its risk controls.

Credit Suisse said late Tuesday that its U.S. settlement involved some $275 million. The bank said it would pay a $200 million penalty under an agreement with Britain and forgive $200 million in loans to the... Read More

UK fines Facebook $69.4 million for failing to supply data

LONDON (AP) ??" Britain's competition watchdog fined Facebook 50.5 million pounds ($69.4 million) on Wednesday for violating rules during the U.K. investigation into the social media giant's purchase of Giphy.

The Competition and Markets Authority said Facebook failed to provide required information during the probe. It said it gave the platform multiple warnings and "considers that Facebook's failure to comply was deliberate.?

The authority said it was the first time a company had been found to breach a so-called initial enforcement order by consciously refusing to Suc... Read More

Stocks edge higher on Wall Street, led by health care

Stocks edged higher in morning trading on Wall Street Wednesday with health care companies leading the gains for a second day in a row.

The S&P 500 rose 0.3% as of 10:18 a.m. Eastern. The benchmark index has made gains over the last five days and is just below its all-time high set on Sept. 2.

The Dow Jones Industrial Average rose 108 points, or 0.3%, to 35,564 and the Nasdaq rose 0.1%.

Wall Street cheered solid earnings from a variety of health care companies. Abbott Laboratories, which makes infant formula, medical devices and drugs, rose 3.6% after handily... Read More

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Gates Foundation to spend $120M on access for COVID-19 pill

Bitcoin tops $66,000, hits high on mainstreaming excitement

Credit Suisse faces penalties over Mozambique loan deals

UK fines Facebook $69.4 million for failing to supply data

Stocks edge higher on Wall Street, led by health care

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