Richard Yu, CEO of Huawei's consumer business, said Huawei's own operating system for smartphones and laptops could be ready for use in China by fall this year.Technologyread more
The embattled German lender saw its share price hit a record low Monday, down nearly 5% since the start of the year.Banksread more
Lawmakers, lobbyists and CEOs in the U.S. are looking to trying to pick out the best parts of the EU's privacy law called GDPR – and ditch what they see as the worst.Technologyread more
Shares of Chinese telecommunications heavyweight Huawei's suppliers took a hit on Thursday afternoon amid the ongoing fallout surrounding the Chinese telecommunications giant.Asia Marketsread more
After holding parliamentary elections over seven phases, India started counting the votes on Thursday — and Prime Minister Narendra Modi's Bharatiya Janata Party-led coalition...Electionsread more
Among the many ways Trump has shattered White House norms, his impulsive public communications rank among the most consequential. By inspiring investors or spooking them, his...Politicsread more
A federal judge in New York City on Wednesday said Deutsche Bank and Capital One can turn over financial documents related to President Donald Trump and his businesses in...Politicsread more
China accounted for 40% to 60% of the global increase in trichlorofluoromethane, or CFC-11, emissions between 2014 and 2017, a study found.Scienceread more
CNEX, backed by Microsoft and Dell, filed new allegations in a Texas suit accusing China's Huawei and an executive of trade secrets theft.Technologyread more
With Amazon and Walmart facing regulatory hurdles in India, Reliance's Mukesh Ambani isTechnologyread more
Tech usage and addiction inspires a billion-dollar mindfulness industry. CNBC's Uptin Saiidi attempts three days without any digital gadgets.Technologyread more
In a brief exchange between Meadows and House Oversight Committee Chairman Elijah Cummings, D-Md., at a hearing Tuesday, the North Carolina Republican said Trump wanted Cummings to know Trump's "serious about working in a bipartisan way to lower prescription drug prices."
"I have a personal note that I wanted to convey to you from the president of the United States," Meadows said at the House Oversight Committee hearing on drug prices. "He wanted me to make sure that you knew that on this particular subject, not only is he serious, he's serious about working in a bipartisan way to lower prescription drug prices and when I spoke to him last night he wanted to make sure I conveyed that to you."
Cummings responded by saying, "We are willing, able and ready to work with them to get them done and thank you."
Meadows, chair of the conservative House Freedom Caucus, was on an initial list of four people Trump was considering to replace former White House Chief of Staff John Kelly, according to the Associated Press.
The committee held a hearing Tuesday on why prescription drug prices are high in the U.S. Most lawmakers across the aisle agree drug prices are too high, but both parties have differed on their approach.
Cummings earlier this month said he sent letters to 12 drugmakers seeking detailed information and documents about the companies' pricing practices. Cummings, along with Sen. Bernie Sanders and Rep. Ro Khanna, D-Ca., also introduced legislation aimed at lowering drug costs.
The legislation would permit the Department Health and Human Services to negotiate lower prices for drugs under Medicare Part D, the federal health program that helps beneficiaries pay for self-administered medicines. It would also allow Americans to import lower priced drugs from abroad and peg the price of prescription drugs in the U.S. to the median price in five major countries — Canada, the United Kingdom, France, Germany and Japan.
Trump's administration has also vowed to lower drug costs. The administration has several proposals that would offer lower out-of-pocket costs for American consumers, which include changes to Medicare Part D and Part B. Medicare is the government insurer for the elderly and disabled.
Democrats, who regained control of the House this month, listed lowering prescription drug costs as one of their top priorities. Spending on prescription drugs in the U.S. increased to $333.4 billion in 2017, according to the latest data from the Centers for Medicare and Medicaid Services. Democrats have placed their focus on the pharmaceutical industry, which sells drugs at higher prices in the U.S. than abroad.
Pharmaceutical companies say price increases have been modest and argue lowering drug profits would could hinder the industry in making investments towards new and innovative cures.