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Wednesday, January 24, 2024

Florida lawmakers vote to restrict children's access to social media

 The Florida House of Representatives approved on Wednesday a bill aimed at barring children aged 16 and younger from social media platforms, following similar action in several states to limit online risks to young teenagers.

Passed by a bipartisan vote of 106 to 13, the measure would require social media platforms to terminate the accounts of anyone under 17 years old and use a third-party verification system to screen out the underaged.

"We must address the harmful effects social media platforms have on the development and well-being of our kids," said Florida House Speaker Paul Renner.

"Florida has a compelling state interest and duty to protect our children, their mental health, and their childhood."

The bill would also require firms to permanently delete personal information collected from the terminated accounts and let parents bring civil suits against those failing to do so.

The legislation now goes to the Florida state Senate for consideration. Republicans control both chambers of the state legislature.

Sponsors said the measure was necessary to protect children from depression, anxiety and other mental health woes they say are linked to excessive use of social media, whose addictive aspects critics say make children especially vulnerable.

Opponents argued that the bill goes too far, with some urging less restrictive measures, such as letting parents opt in or out of allowing their children to use social media.

Meta, the parent company of Instagram and Facebook, opposed the legislation, usually referred to as HB1, saying it would limit parental discretion and raise data privacy concerns.

"HB 1 would require each new social media user, from a 13-year-old in Miami to a 73-year-old from Boca Raton, to provide possibly sensitive identifying information, such as a driver's license or birth certificate to a third-party organization to verify their age," Meta's Caulder Childs told the House's Judiciary Committee at a hearing on Jan. 17.

Britain's Labour aims to save billions of pounds with planned health reforms

 Britain's main opposition Labour Party said it would aim to save 10 billion pounds ($12.71 billion) by cutting waste and reforming the health service if in power, saying this could free up cash to spend on frontline care.

The state-run National Health Service (NHS) emerged from the COVID-19 pandemic in crisis, crippled by long waiting lists, ambulance delays and industrial action by staff over pay.

Prime Minister Rishi Sunak had pledged to cut waiting lists as one of his five priorities, but has blamed the strikes for missing that aim.

He expects to hold an election later this year, and Labour leads Sunak's governing Conservatives by around 20 points in opinion polls.

Labour's plans to reform rather than simply spend more on the NHS, a cherished national institution founded by a Labour government after World War Two, has prompted criticism from some unions.

But Labour health spokesperson Wes Streeting, who has vowed to face down those hostile to his reform agenda, said the plan would ultimately result in more money for frontline services.

"After 14 years of Conservative neglect of the NHS, we are paying more but getting less," he will say in a speech on Tuesday, according to extracts released by Labour.

"I am focusing on waste because I want to give the public hope that the NHS can be saved. The money that is wasted today can be used to get the NHS back on its feet tomorrow. Only Labour has a plan to reform the NHS."

Labour said it could save 3.5 billion pounds by ending payments to recruitment agencies to cover staffing shortfalls, as well as a further 1.7 billion pounds by freeing up hospital beds currently occupied by patients who can't be sent home due to a lack of available care in the community.

However, the NHS Confederation, which represents organisations across the healthcare sector, cautioned against budget cuts to a service that is already struggling due to underinvestment.

"Capital budgets are already being raided to plug rising deficits in the day-to-day NHS budget caused by strikes and other cost pressures," the NHS Confederation said, adding that the next government needed to boost capital funding to help address the backlog.

Labour has previously set out plans to integrate health and social care, and recruit and retain more carers.

The British government has responsibility for the NHS only in England as health is a devolved policy area in Scotland, Wales and Northern Ireland.

https://news.yahoo.com/britains-labour-aims-save-billions-223604837.html

Tyson Foods drops CVS for startup to manage staff pharmacy benefits

 Tyson Foods has dropped CVS Health as its pharmacy benefit manager and replaced it with Rightway, the startup said on Wednesday, to manage drug benefits for the meatpacker's 175,000 employees.

Three pharmacy benefit managers (PBMs) — CVS's Caremark, Cigna's Express Scripts and UnitedHealth Group's Optum Rx — currently control around 80% of the U.S. prescription drug market.

Tyson has become one of the largest U.S. employers to move away from using a traditional PBM, at a time when these companies are under fire from lawmakers over their role in driving up healthcare costs.

CVS told Reuters that its most recent bid for PBM services would have exceeded the 15% savings rate claimed by a competitor.

The company said it would continue to serve Tyson through Rightway to manage specialty drugs, which are costly medications used to treat complex conditions such as cancer and rheumatoid arthritis, effective Jan. 1, 2024.

Last year, non-profit health insurer Blue Shield of California said it plans to stop using most of CVS's PBM services and tap into five different partners, including Amazon.com and Mark Cuban's Cost Plus Drugs.

Rightway works on a fee basis and claims it can reduce employer spending by 18% on average. The startup also said it allows clients to trace every transaction to boost transparency.

PBMs act as middlemen, negotiating rebates and fees with drug manufacturers, creating lists of medications that are covered by insurance and reimbursing pharmacies for patients' prescriptions.

In December, CVS had said it would simplify the structure through which its pharmacies get reimbursed for drugs, in a push for more transparency.

Under the new model, called CostVantage, the company's over 9,000 pharmacies will have fixed markup and fees to define drug cost and related reimbursements with contracted insurers and PBMs

https://finance.yahoo.com/news/tyson-foods-drops-cvs-startup-164350304.html

Lilly's Mounjaro dose in limited availability in US through next month

 A dose of Eli Lilly's diabetes drug Mounjaro has limited availability through February 2024, according to the U.S. Food and Drug Administration's website, due to an increase in demand.

The health regulator's website showed the 12.5 milligram dose of the injection will be available in limited amounts, while other doses of Mounjaro are available.

The high demand for a type of diabetes drugs known as GLP-1 agonists, which are also used off-label and are approved for weight loss, has triggered supply constraints for drugmakers such as Lilly and Novo Nordisk.

Eli Lilly continues to ship all doses of Mounjaro to wholesalers, a company spokesperson said in an emailed response.

"However, the market continues to be dynamic with ongoing fluctuation in demand, so intermittent regional pharmacy stock outages are still possible", the spokesperson added.

Lilly's Mounjaro has been approved for patients with type-2 diabetes to control their blood sugar levels since 2022. The injection, which has the active ingredient tirzepatide, gained the FDA's approval for weight loss under the brand name Zepbound in the U.S. late last year.

Novo's obesity treatments Wegovy and Zepbound are the most effective treatments for weight loss approved to date and compete in a global market estimated to be at least $100 billion by the end of the decade.

https://finance.yahoo.com/news/lillys-mounjaro-dose-limited-availability-164139918.html

Migrants avoid Mexico's border-bound train to elude security

 Migrants are instead walking or hitching vans that'll bring them closer to the border.

National Guards and officers from the National Migration Institute have been patrolling the train tracks in Huehuetoca and Apaxco since January 7, a local official reported to Reuters.

U.S. Secretary of State Antony Blinken met with Mexican Foreign Secretary Alicia Bárcena on Friday (January 19) at the U.S. Department of State in Washington. Both countries have sought to reduce the number of undocumented migrants at their shared border.

A crackdown on migrant smuggling networks, train and bus routes has produced results, Matthew Miller, a State Department spokesman, said in a statement on Saturday (January 20). "Our coordinated efforts with Mexico are demonstrating positive results at our shared border," the statement said.

https://news.yahoo.com/migrants-avoid-mexicos-border-bound-000122997.html

Tesla CEO Musk: Chinese EV firms will 'demolish' rivals without trade barriers

 Tesla CEO Elon Musk said on Wednesday Chinese automakers will "demolish" global rivals without trade barriers, underscoring the heat the U.S. electric vehicle market leader faces from the likes of BYD, who are racing to expand worldwide.

Musk's comments come after Warren Buffett-backed BYD - with its cheaper models and a more varied lineup -overtook Tesla as the world's top-selling EV company last quarter, despite Tesla's deep price cuts through 2023.

Chinese car companies were the "most competitive" and "will have significant success outside of China, depending on what kind of tariffs or trade barriers are established," Musk said on a post-earnings call with analysts on Wednesday.

"If there are no trade barriers established, they will pretty much demolish most other car companies in the world," he said. "They're extremely good."

Musk has reason to be concerned.

He sparked a price war last year to woo consumers hit with high borrowing costs, in turn squeezing Tesla's margins and worrying investors. On Wednesday, Musk warned Tesla was reaching "the natural limit of cost down" with its existing lineup.

Tesla plans to start producing a cheaper, mass market compact crossover codenamed "Redwood" mid-2025 to compete with inexpensive rivals, Reuters reported on Tuesday. Musk on Wednesday confirmed that Tesla expects to start production of its next-generation EV at its Texas factory in the second half of 2025.

But Chinese EV makers, adept at keeping costs in check with a stable supply chain, are moving fast. With rising competition and excess capacity in China, many are now working on rapidly expanding their foreign footprint.

SAIC Motor, for instance, has been placing orders for more vehicle vessels in its fleet to counter shipping costs as it looks to boost sales overseas.

"While automakers such as BYD and Nio are middle-of-the-pack with reliability, durability and safety, they enjoy high demand in China with innovation such as in-car technology and battery swapping," Spencer Imel, a partner at consumer insights firm Lansgton.

FAA halts Boeing 737 production expansion; allows MAX 9 to fly

 The Federal Aviation Administration said on Wednesday that it would not allow Boeing to expand 737 MAX production in the wake of a mid-air emergency on an Alaska Airlines jet, but the MAX 9 model involved could return to service after inspections.

The blowout of a cabin panel on Jan. 5 led the aviation regulator to ground 171 737 MAX 9 jets and resulted in the cancellation of thousands of flights by U.S. carriers Alaska Airlines and United Airlines.

The FAA said the halt to expanding production of Boeing's best-selling 737 MAX narrowbody family was needed to "ensure accountability and full compliance with required quality control procedures" by the planemaker.

Shares of Boeing fell about 4% in after hours trade.

"We will not agree to any request from Boeing for an expansion in production or approve additional production lines for the 737 MAX until we are satisfied that the quality control issues uncovered during this process are resolved," FAA Administrator Mike Whitaker said in the statement.

It was not immediately clear how the halt to MAX production "expansion" announced by the FAA would affect the company's detailed near-term production ramp-up plans.

The MAX family includes the best-selling 737 MAX 8 which is Boeing's main cash cow. Boeing declined immediate comment.

A door plug area of an Alaska Airlines Boeing 737 Max 9 aircraft awaiting inspection is pictured with paneling removed at the airline's facilities at Seattle-Tacoma International Airport Wednesday, Jan. 10, 2024, in SeaTac, Wash. On a Jan. 5 Alaska Airlines flight, a panel used to plug an area reserved for an exit door blew open midair, forcing it to return to Portland, Ore. (AP Photo/Lindsey Wasson)

In October, Boeing CEO Dave Calhoun said the company planned to reach production of 38 MAX planes per month by the end of 2023.

"We are keeping our suppliers hot according to the master schedule," he said at the time.

Boeing's latest 737 supplier master schedule, which sets the production pace for its supply chain, calls for production to rise to 42 jets per month in February, 47.2 in August, 52.5 by February 2025 and 57.7 in October 2025.

However, Boeing's own production pace can lag the supplier master schedule.

The FAA on Wednesday also laid out an inspection and maintenance process so the grounded MAX 9 planes could return to service.