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Coronavirus: World Bank pledges $12bn in emergency aid

Coronavirus: World Bank pledges $12bn in emergency aid

Business
The World Bank has committed $ 12bn (£9.4bn) in aid for developing countries grappling with the spread of the coronavirus.The emergency package includes low-cost loans, grants and technical assistance. The action comes as leaders around the world pledge action to shield their countries from the economic impact of the outbreak.It follows warnings that slowdown from the outbreak could tip countries into recession.The aid is intended to help countries improve their public health response to the crisis, as well as work with the private sector to reduce the economic impact."What we're trying to do is limit the transmission of the disease," World Bank Group President David Malpass told the BBC.The organisation said it would prioritise ...
Purdue Pharma ‘offers up to $12bn’ to settle opioid cases

Purdue Pharma ‘offers up to $12bn’ to settle opioid cases

Business
Purdue Pharma, the opioid drug-maker owned by the billionaire Sackler family, is reported to be offering between $ 10bn and $ 12bn to settle thousands of lawsuits against it.The firm is facing over 2,000 lawsuits linked to its painkiller OxyContin.Purdue told the BBC it was "actively working" towards a "global resolution" but would not comment on the amount.NBC, which first reported the news, said the settlement would involve the Sacklers giving up ownership of Purdue.The firm said in a statement: "While Purdue Pharma is prepared to defend itself vigorously in the opioid litigation, the company has made clear that it sees little good coming from years of wasteful litigation and appeals. "Purdue believes a constructive global resolution is the best path fo...
US to give farmers $12bn trade war bailout

US to give farmers $12bn trade war bailout

Business
Media playback is unsupported on your device The US has unveiled a $ 12bn (£9.1bn) plan aimed at helping US farmers hurt by the intensifying trade war.The aid is intended to protect the industry as countries raise taxes on US products such as soybeans in response to new Trump administration tariffs.The US plans to provide subsidies to farmers and buy unsold crops, among other measures.Donald Trump had promised the aid after fierce criticism from farmers, an important part of his support base.Mr Trump has said his tariffs - which he earlier described in a tweet as "the greatest" - are intended to pressure countries to change their policies toward US exports.In a speech on Tuesday, he said farmers would be the "biggest beneficiary" of the ...