Netflix rebounds once more whereas conventional media outages mount

Bob Iger, CEO of The Walt Disney Company, left; David Zaslav, CEO and President of Warner Bros. Discovery, center; and Bob Bakish, President and CEO of Paramount Global.

Getty Images

Companies and industries have ups and downs. The old media industry is in a valley.

The first half of 2023 was a colossal disappointment for media executives, who wished for a rebound this year from a terrible 2022, when a drop in streaming subscribers drove down ratings Netflix, Disney, Warner Bros. Discovery And Paramount Global about half.

Instead, investors are once again excited about Netflix’s future prospects as the company cracks down on password sharing, potentially leading to tens of millions of new signups. Netflix stock has surged over the past five months, outperforming the S&P 500.

Meanwhile, the old players can’t avoid each other.

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Netflix vs. the S&P 500 over the past five months.

“When it rains, it pours,” said LightShed media analyst Rich Greenfield. “It keeps getting worse.”

It’s been a bumpy road for Disney CEO Bob Iger since he returned to run the company late last year. Disney recently completed the layoff of 7,000 employees. CFO Christine McCarthy resigned last week. The company is retiring programs from its streaming services to save money. The animation business is in dire straits as the latest Pixar film, Elemental, posted the studio’s lowest opening weekend gross since the original Toy Story first aired in 1995. Stocks have struggled for the past five months.

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Disney vs. the S&P 500 over the past five months.

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Warner Bros. Discovery compared to the S&P 500 over the past five months.

Paramount Global cut its dividend last quarter as streaming losses peak this year and a sluggish advertising market exacerbates a terminally ill cable network business. Wells Fargo issued an analyst note on Friday that said the bullish and bearish scenarios are the same for the company: sell for parts. Warren Buffett, perhaps the most respected investor in history, told CNBC that Paramount’s streaming offering is “fundamentally not such a good deal.”

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Paramount Global vs. the S&P 500 over the past five months.

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Fox Corp. compared to the S&P 500 over the past five months.

NBCUniversal weathered the storm best, protected by its parent company. Comcast, which derives its revenue from cable and cellular assets. It also exploited the missteps mentioned above. MSNBC became the No. 1 cable news channel this month for the first time in 120 weeks, dethroning Fox News for a week while reporting on the federal indictments against former President Donald Trump. Universal’s The Super Mario Bros. Movie is easily the biggest box-office hit of the year, yet stocks haven’t moved much.

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Comcast vs. S&P 500 over the last five months.

All of this is happening while an extended Hollywood writers’ strike is taking place in the background, with no end in sight. The writers know that the longer the strike lasts, the more suffering will be inflicted on media outlets, which will eventually run out of scripted content already produced. Zaslav recently gave a graduation speech at Boston University and was drowned out by boos and shouts of “pay your authors”.

This week could bring even more bad news. Film and television actors will join the writers’ strike unless they reach an agreement with Hollywood studios by Friday.

Beneficiaries of the Hollywood shutdowns are likely to be YouTube, TikTok and Netflix, which continue to produce international content unaffected by the strike, Greenfield said.

Mainstream media may get a small reprieve if advertising picks up again in the wake of the 2024 US presidential campaign. However, there’s still little evidence that investors will simply reward media companies for cutting costs. Currently, there’s no strong growth narrative for legacy media, and prospects for consolidation are bleak as regulators block media-related deals like Microsoft’s acquisition of Activision and Penguin Random House’s proposed purchase of Simon & Schuster.

The industry just wrapped up its annual promotional gala in Cannes, France. Older media execs still spent company money to make the journey, hang out on yachts, and drink rosé. The setting was as beautiful as ever.

But the landscape is bleak.

Disclosure: Comcast owns NBCUniversal, CNBC’s parent company.

WATCH: WPP CEO Mark Read on the state of the advertising market at Cannes Lions 2023

WPP CEO Mark Read on the state of the advertising market

The UK Ministry of Protection describes the disaster because the “largest problem dealing with the Russian state in current reminiscence”

This is an evolving story. We collect information from global officials and other authorities, war correspondents, experts on Ukraine and Russia, and credible news outlets. Obtaining information about this story is made even more difficult by Russia’s influence over its media. Please understand that some of what is reported may later turn out to be incorrect, but this is not due to a lack of effort or diligence on our part or the people reporting it. We’ll update as this story unfolds.

Russian oligarch and mercenary Yevgeny Prigozhin’s Wagner group claims to have seized territory and military facilities in the Russian city of Rostov-on-Don. The British Ministry of Defense responded, describing the events as “the greatest challenge to the Russian state in recent memory”.

War correspondent Tim Mak wrote The counteroffensive On Saturday morning, “He (Putin) also promised ‘decisive action’ to stabilize what he called the ‘difficult’ situation in Rostov-on-Don.” But just hours after his speech, the mercenaries left the strategically important city already advanced hundreds of kilometers north towards Moscow.”

On Twitter, Mak wrote, “The Wagner Group has seized territory in Russia and is trying to remove the country’s military leadership from power. The UK understands the mercenaries are trying to get to Moscow.”

He added: “The war in Ukraine has unleashed a deadly challenge to Putin’s regime: the Wagner Group’s armed mercenaries led by Yevgeny Prigozhin are now in open rebellion.”

Here’s a subtitled version of Prigozhin’s first public address from the Rostov-on-Don Southern Military District headquarters (remember that Prigozhin is a brutal mercenary and not what we would necessarily call a reliable narrator). Courtesy of Igor Sushko, who is part of the Winds of Change Research Group, a nonprofit think tank based in Washington, DC that focuses on “democratic values, anti-corruption regimes, human rights, and the importance of strong national defenses as an integral part of the United States.” -Relations with Ukraine”:

🚨 Prigozhin made his first public address from the Southern Military District Headquarters in Rostov-on-Don, a city of 1.1 million that Wagner PMC now fully controls.
English subtitles. pic.twitter.com/SDg4astcaY

— Igor Sushko (@igorushko) June 24, 2023

It is still unclear what Prigozhin’s motive is and whether or not it was a coup. He has repeatedly criticized top Russian military leaders for their work in illegally invading Ukraine. The BBC points out that while this is not a coup, “but an attempt to overthrow Russia’s top politicians, and thus a challenge to the president’s authority.” And although it was Russia’s leader who allowed Prigozhin to overthrow his rival building up an army, he obviously no longer has any control over him.”

The UK has been a key ally for the US as it worked alongside other allies to repel the growing threat of global authoritarianism and Russia’s illegal invasion of Ukraine.

PoliticusUSA keeps you informed of important developments in the Russian Civil War.

IMG 0013 The UK Ministry of Defense has responded to claims by Yevgeny Prigozhin's Wagner group that they had seized land and military installations in a Russian city, citing the events

Hear Sarah here on the PoliticusUSA Pod on The Daily newsletter podcast.

Sarah has been approved for reporting on President Barack Obama, then-Vice President Joe Biden, and 2016 Democratic presidential nominee Hillary Clinton. She also exclusively interviewed spokeswoman Nancy Pelosi several times and exclusively reported on her first appearance at home after the first impeachment of then-President Donald Trump.

Sarah is a two-time Telly Award-winning video producer and a member of the Society of Professional Journalists.

Connect with Sarah on Post, Mastodon @PoliticusSarah@Journa.Host and Twitter.

Man undergoes limb lengthening surgical procedure after rejection

An Atlanta-based Navy veteran named Dynzell SigersThe 27-year-old dropped a BAG to grow from 1.75m to 1.80m – and he says he was inspired to have the limb-lengthening surgery after being turned down for being ‘too small’.

RELATED: Short Kings, Rise Up! Internet Dubs Popular Leg Lengthening Surgery “Men’s BBL”

Years after being labeled “too short,” he underwent limb lengthening surgery

Sigers recently discussed the cosmetic procedure during a meeting with NeedToKnow, according to PEOPLE. Additionally, he also recorded the experience through his TikTok account @mrbrokenbonez.

@mrbrokenbonez

From 5’5 to 6’0 with limb lengthening surgery @livelifetaller.com.tr @le_tremba #screammovie #gettingtaller #gettingtall #growingtall #growingtaller #limblengthening #limblengtheningsurgery #sixfoot

♬ Life Is Good (feat. Drake) – Future

He began his surgical journey in December, which earned him a total of $81,000. However, given his experience with “condemned or not accepted,” Dynzell was happy to foot the bill.

“I’ve always been a very shy and reserved kid and have always been afraid to be myself for fear of being judged or not accepted.”

In particular, Dynzell noted that memories of being rejected as a teenager because he was “too small and too young” inspired him to have the surgery.

“As a teenager, I was once rejected by a girl I had a huge crush on, and although she found me attractive, her reasoning was that I was too small and too young for her.”

While the rejection came through his teenage years, Sigers said he “held on” and remained unsure of his height.

“I’ve stuck to that and always checked my height before approaching women, which has often resulted in missed opportunities.”

He says the recovery process has been “smooth” despite learning to walk again TWICE

Because of the uncertainty, he “booked [his] “Make an appointment right away” when he heard about the leg lengthening surgery, popularly referred to as “BBL for men.”

“I’ve looked at many different ways to grow taller over the years, but never had any realistic options. I found out about the limb lengthening and immediately booked my appointment.”

In fact, he traveled to Turkey to have the procedure twice to get seven inches taller. He also had to learn to walk again after both surgeries.

Still, Dynzell Sigers says the process went “smoothly” and was totally worth it.

“My recovery process was smooth…I had to relearn how to walk twice, but both times it didn’t take long.”

@mrbrokenbonez

My journey of learning to walk again after breaking every bone in my legs to grow taller @LiveLifeTaller #limblengthening #limblengtheningsurgery #growingtall #growingtaller #growthspurt #gettingtall #gettingtaller #sixfoot

♬ Sum 2 Prove – Lil Baby

How is the “Men’s BBL” carried out?

As The Shade Room previously reported, the popular operation was recently described as “male BBL” by social media users.

According to Penn Medicine, the procedure is made possible by “controlled lengthening over a period of time”. This is accomplished by inserting a “magnetic lengthening rod and pin” into the bone, which is lengthened at a rate of “0.5mm per day”.

@mrbrokenbonez

They said it wasn’t possible. From 5’5 to 6’0 through limb lengthening surgery. @LiveLifeTaller #growingtall #growingtaller #growthspurt #limblengthening #limblengtheningsurgery #gettingtall #gettingtaller #sixfoot

♬ Nice for what – Drake

Roommates, would you consider this option for growing longer limbs?

The CDC panel recommends Pfizer and GSK syringes for adults over 60

A health worker prepares a flu shot before administering it to a resident in Los Angeles, the United States, on December 17, 2022.

Xinhua News Agency | Getty Images

An advisory committee to the Centers for Disease Control and Prevention on Wednesday recommended that adults age 60 and older receive a single dose of RSV vaccines after consulting their doctors Pfizer And GSK.

The panel said seniors should use “shared clinical decision-making,” where they work with their healthcare provider to decide how much they would benefit from vaccination.

Outgoing CDC Director Rochelle Walensky will decide whether to finalize the recommendation.

The panel’s decision brings the U.S. one step closer to opening respiratory syncytial virus vaccines to the public in the fall, when the disease usually begins to spread at higher levels.

The recommendation also comes weeks after the Food and Drug Administration approved both vaccines, making them the world’s first approved vaccines against RSV.

The virus is a common respiratory infection that usually causes mild, cold-like symptoms but causes more severe cases in older adults and children. According to the CDC, 6,000 to 10,000 seniors and a few hundred children under the age of 5 die from RSV each year.

Pfizer and GSK both presented new clinical trial data to the panel on Wednesday, giving a first look at the durability of their vaccines after an RSV season. In the northern hemisphere, the season usually lasts from October to March.

A single dose of the Pfizer vaccine was 78.6% effective in preventing lower respiratory disease with three or more symptoms by the middle of a second RSV season, according to new clinical trial results presented Wednesday. This is a decrease from more than 85% at the end of the first season in older adults.

Pfizer said efficacy for less severe forms of the disease in this age group dropped from about 66% to 48.9% “midway through the second season.”

One dose of GSK’s vaccine was 78.8% effective against severe RSV disease after two seasons, compared to 94% after one season, the company said on Wednesday. Serious illness is defined as cases that make normal, daily activities impossible.

For less severe RSV disease, efficacy decreased from 82% to 67.2% over two seasons after one season.

dr Michael Melgar, a CDC medical officer who reviewed data for both vaccines, noted during a public meeting that both Pfizer and GSK still lack efficacy data for subgroups of the elderly population at highest risk for severe RSV.

Melgar said that adults ages 75 and older and those with an underlying medical condition are underrepresented in both companies’ Phase III clinical trials. Seniors with a weak immune system are completely excluded from the experiments, he said.

Both companies said studies of these populations are ongoing.

It’s still unclear how much the recordings will cost. GSK said its vaccine will be priced between $200 and $295. Pfizer said the price of his shot will range from $180 to $270.

The companies declined a price guarantee.

The shots would help the US navigate the upcoming fall RSV season after last year’s RSV season was unusually tough.

Cases of the virus in children and older adults were flooding hospitals across the country, largely because the public had stopped implementing health measures amid the Covid pandemic that had helped contain the spread of RSV.

FTC sues Amazon over ‘fraudulent’ Prime signup and cancellation course of

The Federal Trade Commission filed a lawsuit Wednesday Amazonwith allegations that the country’s leading online retailer deliberately tricked millions of consumers into signing up for its flagship Prime program and “sabotaged” their attempts to unsubscribe.

The agency alleges that Amazon violated the FTC Act and the Restore Online Shoppers’ Confidence Act by using so-called dark patterns, or deceptive design tactics aimed at directing users to a specific choice and tricking consumers into opting out without register their consent with Prime.

“Amazon has tricked people into recurring subscriptions without their consent, which has not only frustrated users but cost them a lot of money,” FTC Chair Lina Khan said in a statement.

Amazon spokeswoman Heather Layman said in a statement that the FTC’s claims were “false as to the facts and the law.”

“The truth is, customers love Prime, and we’re making it clear and easy for our customers to sign up for or cancel their Prime membership,” Layman said. “As with all of our products and services, we continually listen to customer feedback and look for ways to improve the customer experience, and we look forward to the facts becoming clear as this case develops.”

Photographer: Thorsten Wagner/Bloomberg via Getty Images

Bloomberg | Bloomberg | Getty Images

Shares of the company ended slightly lower on Wednesday.

The FTC has been investigating enrollment and cancellation processes for Amazon’s Prime program since March 2021. Tensions between Amazon and the FTC increased when the agency wanted to invite CEO Andy Jassy and founder Jeff Bezos to testify about the company’s Prime practices. Amazon argued the request was unreasonable and onerous, which the FTC denied.

Launched in 2005, the Prime program has grown into one of the most popular subscription services in the world, with more than 200 million members worldwide, and has made billions of dollars for Amazon. Membership costs $139 per year and includes perks like free shipping and access to streaming content.

The lawsuit, filed in U.S. District Court for the Western District of Washington, alleges Amazon leadership is slowing down or rejecting changes that would have made it easier for users to cancel Prime because those changes “negatively impact Amazon’s bottom line.” would have influenced”.

Amazon made it difficult for consumers to purchase items on its site without Prime, and a button prompting users to complete their transaction didn’t make it clear that they also agreed to join Prime for a recurring subscription, the in said the complaint.

The cancellation process is also difficult to navigate and is designed to discourage consumers from canceling their Prime subscription, the FTC claimed. Amazon used an internal term called “Iliad” to describe the process, referring to Homer’s epic poem about the Trojan War, the agency said, citing an Insider report.

The complaint is the third case the FTC has filed against Amazon in the past month. In late May, Amazon agreed to pay the agency more than $30 million to resolve cases involving alleged data breaches in its Alexa and Ring units. The company said it disagreed with the FTC’s allegations but had agreed to move forward on the matter.

Ozempic and Wegovy are falsifying the subject material of the lawsuit in opposition to Novo Nordisk

Boxes of the diabetes drug Ozempic are seen on a pharmacy counter in this photo illustration on April 17, 2023 in Los Angeles, California.

Mario Tama | Getty Images

Novo Nordisk sued five medical spas and wellness clinics on Tuesday for allegedly selling cheaper, unauthorized versions of the company’s weight-loss drugs Ozempic and Wegovy.

The Danish drugmaker has filed the lawsuits in federal courts in New York, Texas, Florida and Tennessee, according to complaints received by CNBC.

The lawsuits accused the spas and clinics of marketing and selling “compound” drug products that allegedly contain semaglutide, the active ingredient in both Ozempic and Wegovy. Compound drugs are custom-made versions of a treatment that are not approved by the Food and Drug Administration.

Novo Nordisk is the sole patent holder of Semaglutide and does not sell this ingredient to outside companies. It’s unclear what the spas and clinics are actually selling to consumers.

Novo Nordisk petitioned the courts to stop the sale of the unapproved drugs and to award an unspecified amount of damages.

“These unlawful marketing and sales practices, including the use of Novo Nordisk trademarks in connection with these practices, have created a high risk of consumer confusion and deception, as well as potential safety concerns,” the company wrote in a press release on Tuesday.

Spas and clinics named in the lawsuits include Pro Health Investments, Champion Health & Wellness Clinics and Flawless Image Medical Aesthetics.

It also includes Effinger Health, trading as Nuvida Rx Weight Loss, and Ekzotika Corp., trading as Cosmetic Laser Professionals Med Spa. The latter clinic offers a $30 Groupon for a week-long “Semaglutide Weight Management Program.”

The spas and clinics did not immediately respond to CNBC’s request for comment.

The lawsuits come amid a shortage of Wegovy and Ozempic that has led to a boom in compound alternatives that claim to be popular injectables.

The FDA last month warned of the safety risks of unauthorized versions of Ozempic and Wegovy after reports of adverse health reactions to compound versions of the drugs surfaced.

Several states have also threatened legal action against pharmacies that manufacture or distribute unapproved variants of Novo Nordisk’s weight loss supplements.

Insights from Blinken’s go to to Beijing

US Secretary of State Antony Blinken (L) shakes hands with China’s President Xi Jinping on June 19, 2023 in the Great Hall of the People in Beijing.

Leah Millis | Afp | Getty Images

US President Joe Biden said Secretary of State Antony Blinken “did a hell of a job” in Beijing.

His comments came after Blinken’s high-profile diplomatic mission to China aimed at calming strained relations with Beijing.

“We’re on the right track here,” Biden said on Monday.

In a surprise meeting, Blinken met Chinese President Xi Jinping for a 35-minute meeting near the end of his two-day visit. He is the most senior American official to visit China in nearly five years.

When asked if he thought progress had been made in the Blinken-Xi meeting, the US President replied: “You don’t have to ask that. You can ask how much progress has been made.”

During the visit, Blinken also met with China’s top diplomat Wang Yi and Foreign Minister Qin Gang.

Here are more takeaways from Blinken’s trip to China:

progress made

Biden wasn’t the only one seeing progress in the talks.

“The two sides have agreed to follow the joint understanding that President Biden and I reached in Bali,” Xi said in a video transmitted by Chinese state media CCTV.

Both sides also “made progress and reached an agreement on some specific issues,” he said, without giving further details. “That’s very good.”

Demanded stable ties with the US, Xi said the world needs a “generally stable” relationship between the two economic giants.

The US State Department described the talks as “open, substantive and constructive”.

door to future conversations

Blinken’s meeting could pave the way for Biden to meet Xi in November.

“Both sides agreed to hold further high-level meetings in Washington and Beijing to continue open lines of communication,” the State Department said.

The foreign minister invited Qin to visit the United States and they agreed to arrange a return visit at a mutually convenient time, the statement said.

Though no date was announced, they agreed to maintain high-level exchanges, according to the Chinese government.

The talks between Qin and Blinken have been “largely positive” based on both nations’ findings, said Mark Hannah, a senior fellow at the Eurasia Group Foundation.

“While much is omitted from these official reports, the language each side chooses to characterize the meetings is indicative of the tone that was struck,” Hannah told CNBC.

rivalry

Chinese state media quoted Xi as saying, “Great power competition is not in keeping with the trend of the times, let alone solving America’s own problems and the challenges facing the world.”

Bonnie Gasler, executive director of the Indo-Pacific program at the German Marshall Fund, said this point in Xi’s speech was “problematic”.

“In my view, it will not be possible to stabilize the bilateral relationship unless Beijing accepts that competition is now the dominant feature of US-China relations and requires active and effective management,” Gasler told CNBC.

The Biden administration has tried to persuade the Chinese to accept competition as a pillar of the relationship and the importance of working together to manage competition and “prevent competition from ending in conflict.” , Gasler tweeted.

The US-China tech rivalry has also intensified in recent months, with the US blocking China’s access to advanced chip technology and China banning key infrastructure operators from buying products from US tech giant Micron.

According to a statement by People’s Daily, Wang called on the US to abandon its so-called “China threat theory,” lift sanctions against China, and stop suppressing China’s technological development. The State Department did not immediately respond to a request for comment on China’s statement.

Robert Daly, director of the Kissinger Institute for China and the US at the Wilson Center, acknowledged the likelihood of war was remote but said the rivalry would continue.

“There is a common decision, a common realization that we must not go to war, but both countries will continue to compete in all balances of power around the world, barring war in any case,” Daly told CNBC ahead of Xi’s meeting with blinking.

Status quo on Taiwan

Blinken also said he raised concerns about China’s “provocative actions in the Taiwan Strait and the South and East China Seas.”

But he tried to reassure Beijing: “As for Taiwan, I have reiterated the US’ long-standing ‘one China’ policy. This policy has not changed.”

China regards Taiwan as part of its territory that needs to be reunited with the mainland. Beijing has never shied away from using force against Taiwan and is using increasingly aggressive rhetoric towards the island.

“We do not support Taiwan independence. We remain opposed to any unilateral changes to the status quo by either side. We continue to await the peaceful settlement of cross-strait differences,” Blinken said, adding that Washington remains committed to the Taiwan Relations Act. That includes ensuring Taiwan has the ability to defend itself.

In his meeting with Blinken on Monday, Wang stressed that “maintaining national unity will always be at the core of China’s core interests.” He added that the US “respects China’s sovereignty and territorial integrity and is firmly opposed to ‘Taiwan independence.’ have to say.”

Tensions can still arise

However, geopolitical tensions may remain elevated.

“The threat assessments of both countries are declining. They haven’t changed their threat assessments. We haven’t changed our intentions. We haven’t changed our tactics,” Daly told CNBC ahead of the Xi Blinken meeting.

“These dialogues are great, the more we have the better – but to date there’s no sign of either side actually changing their assessments of themselves towards the other,” Daly told Squawk Box Asia on Monday ‘ by CNBC.

The State Department said Blinken emphasized that the US will always stand up for Americans’ values, addressing China’s “unfair and unmarketable practices and recent actions against US firms.”

According to the research organization, the US and China have not changed their mutual threat assessments

Xi maintained his stance that the US must respect China and “do not harm China’s legitimate rights and interests,” adding that Beijing will also respect US interests “and will neither challenge nor replace the US.”

“Neither party can shape the other according to its own desires, much less deprive the other of their legitimate right to development,” Xi said.

See all of the movie star canine ​​dads with their lovable puppies

Celebs have found the perfect partner in their pets.

Chris Evans, Justin Theroux, Liam Hemsworth And John Legend are just a few stars who like to post pictures with their cute companions. As seen on his Instagram feed, Evans doesn’t get far without his best friend, his rescue dog, Dodger.

In 2021, the Avengers star shared footage of his first encounter with his beloved pup. “That’s the moment I met Dodger,” he captioned his Instagram video. “I was shooting a movie in Savannah and the scene took place at an animal shelter. I had no intention of rescuing a dog that day, but when I saw him I knew he would come home with me.”

Like Evans, Theroux shares glimpses of his bond with pup Kuma. The dog father even marked an important milestone with Kuma in early June.

“TODAY! 5 years with that Derpy!” He captioned a series of adorable photos. “If you are thinking about getting a dog, please visit your local animal shelter. There are TEN THOUSANDS of Kumas out there that would love to make your life that much better.”

Bristol Myers is suing the Biden administration’s Medicare drug negotiations

Bristol Myers Squibb on Friday sued the Biden administration over Medicare’s new powers to reduce drug prices, the third such lawsuit filed against the program in a few days.

The lawsuit, filed in federal district court in New Jersey, argues that the Medicare hearings violate the First and Fifth Amendments of the US Constitution.

Bristol Myers Squibb has asked the court to declare the program unconstitutional and prevent the Department of Health and Human Services from forcing the company into negotiations.

Bristol Myers Squibb’s arguments mirror those put forward last week Merck, the first company to sue the federal government over the drug trials. The US Chamber of Commerce has sued HHS over the program with similar arguments.

The Inflation Reduction Act, passed in a narrow party vote in 2022, gave Medicare authority to negotiate drug prices for the first time in the program’s six-decade history. The bill is a central pillar of the Biden administration’s efforts to bring rising drug prices under control and was a major victory for the Democratic Party.

Bristol Myers Squibb said its blood thinner Eliquis, used to treat blood clots and stroke, will be the subject of negotiations this year. The company had revenue of $11.8 billion from Eliquis last year, about 25% of the company’s total revenue of $46 billion in 2022.

The drugmaker also said Opdivo, which is used to treat multiple types of cancer, will be part of future Medicare negotiations. Opdivo generated $8.2 billion in revenue for the company in 2022, which accounted for about 18% of the drugmaker’s total revenue that year.

Bristol Myers Squibb argued the federal government was forcing the company to enter into negotiations and eventually agree to a heavily discounted price. The company claims this violates Fifth Amendment protections against government confiscation of private property without just compensation.

The drugmaker also claimed that HHS was forcing the company to publicly portray the program as a fair price negotiation. The company called the negotiations a sham and claimed the federal government was forcing the drugmaker to “parrot its favorite political messages,” in violation of the First Amendment.

HHS Secretary Xavier Becerra, in a statement following Merck’s lawsuit last week, vowed to vigorously defend the Inflation Reduction Act in court, saying “the law is on our side.”

White House press secretary Karine Jean-Pierre also said in a statement following Merck’s lawsuit that the Biden administration is confident of winning in court.

“There is nothing in the Constitution to prevent Medicare from negotiating lower drug prices,” Jean-Pierre said.

Local weather talks in Bonn stall over cash, rising strain on COP28

Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), looks on during the opening session of the UNFCCC SB58 Bonn Climate Change Conference June 5, 2023 in Bonn, Germany.

Andreas Rentz Getty Images News | Getty Images

Negotiators left the United Nations campus in Bonn this week with a palpable sense of frustration over key decarbonization issues such as climate finance and the pace of carbon reductions.

The Bonn climate conference, which ended late Thursday, is set to prepare decisions to be adopted at the COP28 summit in the United Arab Emirates later this year. It is widely seen as an interim check on the progress of talks leading up to the world’s largest annual international climate conference.

For many attendees at the two-week event, the lack of progress on issues such as climate finance and the pace of carbon reduction left a lot to be desired.

“Progress has been disappointing in almost every way, with one main reason: money,” said David Waskow, international climate director at the World Resources Institute, a global nonprofit.

“Discussions on the first-ever global inventory stalled on how to integrate funding and support,” Waskow said. “This poses another obstacle to using the Global Stocktake to mobilize transformative action to curb emissions, build resilience and mobilize more finance at COP28.”

The United Arab Emirates, the third largest oil-producing member of the Organization of Petroleum Exporting Countries, will host the COP28 summit from November 30 to December 12.

The Dubai Summit is considered one of the most important climate conferences since the groundbreaking Paris Agreement. At the Dubai summit, the United Nations will release a global inventory on how to address the climate emergency – the first since the Paris Agreement in 2015.

In Bonn, however, low-income countries were deeply frustrated that the funds they had been promised to implement their climate plans had not yet materialised.

WRI’s Waskow said that while the thorny issue of climate finance is not on the official agenda, “it is clearly casting a shadow over the negotiations”.

Swedish climate activist Greta Thunberg attends a press conference at the UNFCCC SB58 Bonn Climate Change Conference, June 13, 2023 in Bonn.

Sascha Schuermann | Getty Images News | Getty Images

“The Bonn climate conference exposed the blatant hypocrisy of wealthy nations and demonstrated a remarkable indifference to the struggles of developing countries,” said Harjeet Singh, head of global policy strategy at the Climate Action Network, which brings together more than 1,500 civil society groups.

“To be clear, without delivering on their financial pledges – which are directly linked to their historic role in driving the climate crisis – these wealthy countries lack the moral authority to pressure poorer countries,” Singh said on Twitter on Thursday.

Global Inventory

For some, the struggle to agree on a formal agenda for the Bonn talks was the culmination of the struggle, as a compromise could only be reached the day before the meeting officially closed.

United Nations Executive Secretary for Climate Action Simon Stiell nonetheless expressed optimism about the potential for progress in the coming months.

“Having taken almost two weeks to agree on an agenda, it’s easy to think we’re far apart on many issues, but from what I’ve seen and heard there are bridges that are being built can be used to see the commonalities that we know exist,” said Stiell on Thursday.

“World-changing deals come about when negotiators face the situation, find compromises, and then manage to convince their capitals of the value and necessity of those compromises.”

Demonstrators demonstrate during the UNFCCC SB58 Bonn Climate Change Conference on June 13, 2023 in Bonn, Germany, on climate justice, loss and damage, fossil fuels, human rights, exploitation of poor countries by rich countries and other climate-related issues.

Sascha Schuermann | Getty Images News | Getty Images

Highlighting the global balance sheet, Stiell said this procedure “represents a moment to correct course to put the world on track to limit temperature rise in line with the Paris Agreement.”

The Paris Agreement aims to limit global warming to 1.5 degrees Celsius above pre-industrial levels. Beyond this critical temperature threshold, it becomes more likely that small changes can trigger dramatic changes in Earth’s entire life support system.

“Big polluters should rejoice”

“It is extremely worrying that during these talks, rich countries have blocked discussions on climate finance and equity at every turn, yet carbon markets are quietly advancing. Big polluters must be pleased,” said Sara Shaw, climate justice and energy coordinator at Friends of the Earth International, an environmental group.

Work continued in Bonn to establish a global carbon market in accordance with Article 6 of the Paris Agreement, on which emission credits are traded. Companies tend to use these markets to offset their greenhouse gas emissions.

According to Shaw, carbon markets serve as a “dangerous distraction” from meaningful climate action, undermining both an urgent transition away from fossil fuels and additional financing for low-income countries.

The United Nations has long faced criticism for the involvement of fossil fuel delegates and lobbyists at its annual climate conference. The burning of fossil fuels such as coal, oil and gas is the main cause of the climate emergency.

Looking ahead to COP28, Shaw said the conference was a “big battle” between high- and low-income countries.

“Developing countries are struggling for the climate finance that is not only theirs, but that is needed to ensure a just transition to a new renewable energy system for all,” she added.