The U.S. will likely emerge the winner in a "cold currency war" that is heating up, an expert said.Currenciesread more
These box office numbers do not include the cost of production or marketing costs. They also don't count the billions in merchandising that Disney has made over the last...Entertainmentread more
Tariffs are the only instrument left for addressing China's systematic and excessive surpluses on its U.S. trades, writes Michael Ivanovitch.US Economyread more
In its latest attempt to build market credibility, China on Monday launched the Science and Technology Innovation Board, or "STAR Market," on which 25 companies were listed.China Economyread more
When Cathy Hsu and Tony Hsieh wanted to build an English language app for Chinese children, they decided to follow Facebook and Google's lead.Start-upsread more
Stocks in Asia traded lower on Monday afternoon, as a Nasdaq-style technology board on the Shanghai Stock Exchange marked its debut.Asia Marketsread more
Instagram began tests that hide "like" counts on posts. That means influencers who market products on Instagram will have to rely on different metrics to show success.Technologyread more
Peter Neupert worked for Microsoft and Amazon-backed Drugstore.com, where he got to know Jeff Bezos. He now advises start-ups.Technologyread more
The firing of the tear gas was the latest confrontation between police and protesters who have taken to the streets for over a month to fight a proposed extradition bill and...China Politicsread more
Last week shows that oil prices are not the indicator for Middle East tensions they once were, and worries about global demand and growing U.S. production has changed that...Market Insiderread more
Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
trial@ (Adds comment from Purdue)
March 8 (Reuters) - OxyContin maker Purdue Pharma LP and two other drugmakers on Friday lost a bid to delay a landmark trial set for May in a multibillion-dollar lawsuit by Oklahoma's attorney general accusing them of helping fuel an opioid abuse and overdose epidemic in the state.
Cleveland County District Judge Thad Balkman's decision was a win for the state, even as one of the lawyers for the state said Purdue had "threatened" to file for bankruptcy rather than face the first trial to result from around 2,000 lawsuits nationally.
"This case needs to get to trial because people are dying every day," Reggie Whitten, the lawyer for the state, said during a hearing in Norman, Oklahoma.
Reuters, citing people familiar with the matter, on Monday reported that Stamford, Connecticut-based Purdue, owned by members of the wealthy Sackler family, was exploring filing for Chapter 11 bankruptcy protection. Doing so would allow it to address potential legal liabilities while halting the cases.
Eric Pinker, Purdue's lawyer, made no mention of a potential bankruptcy while arguing that the May 28 trial in the lawsuit brought by Oklahoma Attorney General Mike Hunter against it, Johnson & Johnson and Teva Pharmaceutical Industries Ltd should be delayed.
He said delaying the trial to Sept. 16 was necessary because the state belatedly turned over 1.6 million pages of records critical to Purdue's defense. "This case is not at a posture where it can fairly and fully go to trial in May of this year," Pinker said.
But the judge said the drugmakers had not established the state's actions had prejudiced them.
Purdue in a statement said it "categorically" denies that the ruling will affect whether it files for bankruptcy. Purdue said it was "looking at all of its options" but had made no decisions.
Opioids, including prescription painkillers, heroin and fentanyl, were involved in a record 47,600 overdose deaths in 2017, according to the U.S. Centers for Disease Control and Prevention.
The epidemic has prompted lawsuits by state and local governments accusing Purdue and other drugmakers of contributing to the crisis through deceptive marketing that downplayed the risks of addictive opioids.
The companies deny wrongdoing, noting their drugs carried warning labels and pointing to others factors behind the epidemic.
More than 1,600 lawsuits have been consolidated before a federal judge in Ohio, who has pushed for a settlement ahead of the trial before him in October. Other cases, including Oklahoma's, are pending in state courts. (Reporting by Nate Raymond in Boston; editing by Grant McCool and Leslie Adler)