St. Louis Federal Reserve President James Bullard expressed optimism that the United States and China will reach a deal to end their trade war.World Economyread more
Qualcomm unlawfully suppressed competition in the market for cellphone chips and used its dominant position to impose excessive licensing fees, a U.S. judged ruled.Technologyread more
Target's e-commerce sales also surged 42%, as shoppers increasingly turned to its curbside pickup service for online orders, something Amazon can't offer.Retailread more
Consumers in China are taking to social media to express their support for Huawei as the U.S. government looks to ramp up pressure on the Chinese smartphone maker.Technologyread more
British Prime Minister Theresa May is expected to make a final attempt at persuading lawmakers to back her "new" Brexit deal on Wednesday.Europe Politicsread more
It's not fast and may be years from visiting your neighborhood, but a walking robot is part of Ford's vision for how its autonomous vehicles deliver packages and goods in the...Technologyread more
Tensions between the two parties have heightened in recent months as the campaign for seats in the Brussels and Strasbourg-based parliament has crescendoed.Europe Politicsread more
Brazilian makeup brand Natura Cosmeticos agreed to buy Avon Products, according to two media reports early on Wednesday.Retailread more
Shares of Saudi shopping mall operator Arabian Centres were trading at 24.34 riyals ($6.49) in early deals in Riyadh.IPOsread more
There is at least one thing in common between the U.S. and Russia – their willingness to weaken the European Union, a top EU official said.Politicsread more
U.S. President Donald Trump's latest tariff increase — and Beijing's plans to counter them — are hitting U.S. companies in China, according to a joint survey this month by...China Economyread more
The Food and Drug Administration says it's found mistakes in opioid sales data provided by industry researcher Iqvia that led to an overestimation of the amount of prescription fentanyl being used in the U.S.
The FDA used that data to make recommendations for quotas to the Drug Enforcement Administration, the agency said Wednesday. In addition, the FDA said it found data quality issues with information about the prescription opioids oxymorphone and hydrocodone.
"These additional errors raise serious concerns about systemic issues with IQVIA's data and quality control procedures," the FDA said in a statement on its website, and Commissioner Scott Gottlieb called for the company to hire a third-party auditor to review its quality control.
The discrepancies stem from an error in Iqvia's methods relating to weight-based conversion factors, the FDA said, noting it's "sharing the information publicly as these data have been used in forecasts that have the potential to impact ongoing work to fight the opioid epidemic."
"The FDA uses these data in work to assist the DEA in determining the medical and research needs for Schedule I and II controlled substances in the U.S. for the upcoming year," the FDA said. "These inaccuracies in the IQ data have no known implications for the safety and efficacy or the labeling of FDA-approved fentanyl products."
The FDA said the DEA indicated the Iqvia data is only one of a number of factors that go into its considerations.
Beyond federal applications, Iqvia data are used widely by Wall Street in tracking pharmaceutical sales and prescriptions.
In a statement, the company said it had already identified the error, and notified clients in April. The company said the methodology issue doesn't affect its other market research services.
"We stand behind our data methodologies," Iqvia said. "We value our long-standing relationship with the FDA. We take the FDA's concerns seriously and will continue working with the FDA to resolve these concerns to its satisfaction."
Iqvia's stock was down about 4.6 percent Wednesday before being halted in afternoon trading. When trading resumed later, the shares recouped some losses and closed the day down about 3 percent.