Silicon Valley argues that Wall Street focuses too much on near-term profits — but investors have embraced money-losing biotech IPOs.Marketsread more
Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
More tit-for-tat tariffs in the U.S.-China trade war could set the global economy up for a recession, according to Morgan Stanley.Marketsread more
A sell-off in chip stocks intensified following a report that chipmakers are cutting ties with Huawei after the Trump administration's ban.Marketsread more
A series of tweets Monday marked the latest chapter in Trump's decadeslong effort to refute published reports that his previous financial problems have rendered him an...Politicsread more
President Trump stands a chance of creating a new economic world order in his China trade fight, says the chief economic advisor of Allianz.Economyread more
Sens. Mitch McConnell and Tim Kaine introduced a bill Monday that would raise the minimum age to buy tobacco to 21 in hopes of curbing what regulators are calling an...Health and Scienceread more
McGahn is cited more than any other witness in special counsel Robert Mueller's 448-page Russia report.Politicsread more
Ford Motor said Monday that it is laying off about 7,000 salaried workers, about 10% of that global workforce, as part of a restructuring plan designed to save the No. 2...Autosread more
Despite high criticism from fans, the final episode of "Game of Thrones" shattered single-night viewing records Sunday, with 19.3 million tuning in to watch the finale.Entertainmentread more
Restaurants are thinking outside the box to attract and retain talent. A report from TDn2K, a restaurant analytics firm, finds that employee vacancies are a major concern for...Restaurantsread more
Seven public health groups and several pediatricians are suing the Food and Drug Administration for delaying regulation of e-cigarettes and some tobacco products.
The FDA brought e-cigarettes, cigars and hookah within its oversight in 2016 when it expanded the definition of tobacco products. It planned to require such products that were on the market as of Aug. 8, 2016, when the so-called deeming rule was enacted, to undergo review starting this year.
Last summer, the agency extended the deadline as part of a sweeping plan to overhaul tobacco regulation. Under the revised timeline, manufacturers won't need to file until 2021 for combustible products like cigars and until 2022, for noncombustible products like e-cigarettes.
At the time, the FDA said the decision would give it time to explore better measures to make tobacco products less toxic, appealing and addictive. It also said it would give manufacturers more time to put together thorough and accurate applications.
The lawsuit filed Tuesday in a Maryland federal court calls the FDA's guidance "arbitrary and capricious and not the product of reasoned decisionmaking." The plaintiffs claim the agency abdicated and rewrote its responsibilities granted under the Tobacco Control Act. They also maintain the agency issued the rule without required public input.
"Our concern is that we can't leave our kids vulnerable while FDA waits for e-cig manufacturers to apply," said Campaign for Tobacco-Free Kids President Matthew Myers.
An FDA spokesman said the agency does not comment on possible, pending or ongoing legislation.
This is the second time the Campaign for Tobacco-Free Kids has sued the FDA. The first was in 2016 when it joined other organizations to try and force the agency to require graphic health warnings on cigarette packs and advertising.
The group filed the new suit with the American Cancer Society Cancer Action Network, American Heart Association, American Lung Association, Truth Initiative, American Academy of Pediatrics, Democracy Forward and several individual pediatricians.
They hoped the FDA would reverse its decision, but after multiple conversations and inaction in the months since, they realized their only option was litigation, Myers said. Adding to the sense of urgency was the flow of media reports that teenagers and adolescents are using e-cigarettes, particularly the popular JUUL brand.
Allowing such products to stay on the market unregulated for years will only exacerbate the problem, Myers said.
"From our perspective, the use of e-cigs by kids is such a serious problem, we think urgent action is needed to curtail it," he said.
A number of rules to regulate e-cigarettes and other tobacco products have still gone or are slated to go into effect, such as age requirements and identification checks. The newly regulated products must also include warning statements, list ingredients and remove modified-risk claims, among other requirements.
Manufacturers are also still required to request and receive approval in order to sell products that weren't on the market before Aug. 6, 2018.
Under Commissioner Scott Gottlieb, the FDA has welcomed the idea that nicotine products exist on this spectrum, with conventional cigarettes being the most risky and e-cigarettes being potentially less risky. It's a balancing act that includes trying to convince adult smokers to ditch conventional cigarettes without enticing kids.
Part of the FDA's tobacco overhaul includes seeking to lower the amount of nicotine in cigarettes to minimally or nonaddictive levels. The agency's also seeking information on the role flavors play in attracting people to nicotine products. It's also reconsidering how it should regulate premium cigars.