UBS announced a net profit of $1.4 billion for the second quarter of 2019.Earningsread more
Japan and South Korea are part of a complex and tightly linked supply chain that produces electronic goods such as smartphones and laptops.Technologyread more
Michael Kugelman from the U.S.-based Wilson Center says other issues take precedence in the bilateral dialogue between the United States and Pakistan — namely, Afghanistan and...Asia Politicsread more
Beijing says it can still meet its 2019 growth target of between 6% and 6.5% and continues to roll out stimulus measures to prop up activity. China set a 2019 industrial...China Economyread more
A different oil pricing dynamic has been evolving with new supply calculations based on the U.S. as the world's largest producer.Market Insiderread more
The Massachusetts senator's alarm-sounding on consumer debt neglects to measure it against the growth in the economy and the ability to pay.Economyread more
Stocks in Asia Pacific edged up on Tuesday, as investors await closely-watched central bank meetings in the coming days.Asia Marketsread more
More than half of Venezuela's 23 states lost power on Monday, according to Reuters witnesses and reports on social media, a blackout the government blamed on an...World Politicsread more
Equifax will give consumers a range of options for monitoring their credit or making claims of fraud or data misuse, part of a $425 million restitution fund.Technologyread more
The deal between the White House and Democrats was earlier expected to raise the debt ceiling for two years and permanently end the sequester.Politicsread more
Britain's Antstream is jumping into the cloud gaming battle with a streaming platform for retro titles. And Tencent just backed the company.Technologyread more
Mylan's price hikes for the EpiPen of 500 percent over nine years is the latest in a series of "poor management" decisions by drugmaker's board, New York City Comptroller Scott Stringer told CNBC on Friday.
Stringer, who serves as custodian and investment advisor to the nation's fourth-largest pension system, called for an "independent board that can right this ship" at Mylan.
"I think this company has serious issues based on independence, oversight, and a long-term strategy," he said. "Our pension fund has a serious investment in Mylan."
"I don't really think they have independent directors. It's a smoke screen," Stringer said on "Squawk Box." "We have [also] always been concerned with their aggressive CEO compensation."
Mylan did not immediately respond to CNBC's request for comment on Stringer's demands.
Addressing the public outcry, Mylan CEO Heather Bresch tried in a recent CNBC interview to justify the repeated EpiPen price hikes to a retail cost of more than $600. The EpiPen list price in 2007 was $100.
"I quite frankly don't know how she can sleep at night knowing there's a real risk that people can't get this product to save lives of children," Stringer said. "They overplayed their hand. I think this is price gouging."
The drugmaker has taken steps in recent weeks to make EpiPens more affordable, including plans to launch a generic at a discount of more than 50 percent and to take half off branded EpiPens through a savings card for eligible users.
"It's a weak, late response. I'll take it. But it's just the beginning," Stringer said. "They're facing some serious issues: legal, reputational and regulatory."
On Thursday, Stringer's office issued a letter to Mylan on behalf the city's pension funds to express "alarm" with the company's "exorbitant price hikes ... and the risk these actions pose for the company's long-term value."
The letter also said: "[Mylan's] gross mismanagement of its EpiPen pricing strategy exacerbates the company's protracted history of weak board oversight, which has prompted ... widespread investor concerns."
The New York City's pension funds currently hold over 1 million shares of Mylan, valued at approximately $45 million.