It was the third trigger of the recession indicator in less than two weeks.Bondsread more
U.S. manufacturer growth slowed to the lowest in almost 10 years in August, the latest sign that the trade war may be exacerbating the economic slowdown.Marketsread more
Stocks fell as fears of an economic recession built up ahead of a key speech from Federal Reserve Chairman Jerome Powell.US Marketsread more
Former Prudent Bear Fund manager David Tice is urging investors to brace for a massive downturn.Trading Nationread more
German Chancellor Angela Merkel said a solution to the Irish "backstop" is possible before the October 31 Brexit deadline.Europe Economyread more
Apple plans to unveil three new iPhones in September, including two new "Pro" models and a successor to the iPhone XR, Bloomberg reported Thursday.Technologyread more
A ruling against J&J could mean more big payouts in similar cases across the country.Health and Scienceread more
While Volkswagen may not want to invest in Tesla, the U.S. carmaker has been scouting locations in Europe for a new Gigafactory there.Autosread more
Corporate profits posted modest growth in the second quarter as companies brace for slowing global growth.Retailread more
Eli Lilly CEO David Ricks told CNBC on Tuesday that prescription drug costs would still soar even if Democrats managed to cap the prices that pharmaceutical companies are allowed to charge.
"There's a lot of rhetoric in the air, and most of it non-productive," Ricks told with "Squawk Box. " "We could cap that forever. And what we get is less innovation and still have growing health-care costs."
Democratic proposals aimed at lowering health-care costs target Big Pharma directly.
Sen. Bernie Sanders, a Democratic presidential candidate, has endorsed a policy to bring U.S. drug prices in-line with what other nations pay. Sens. Kamala Harris and Amy Klobuchar, also 2020 candidates, support a plan to penalize pharmaceutical companies if the price of their drugs rise past a certain threshold.
While Democrats support letting the government negotiate with drugmakers directly, opposition is strong among Republicans who say they want prices negotiated in a free market.
Ricks said he instead supports a White House-backed proposal from Senate Finance Committee Chairman Chuck Grassley, R-Iowa, that would make changes to Medicare, the federal government's health insurance plan for the elderly, by adding an out-of-pocket maximum for beneficiaries.
Health and Human Services Secretary Alex Azar, in an interview on CNBC later Tuesday, responded directly to Ricks comments, blasting pharmaceutical companies for the high price of drug in the U.S., while other nations pay less.
"I just got off the phone with [Trump] working on a plan on how we can import drugs safely effectively from Canada, so the American people get the benefit of the deals that Pharma themselves are striking with other countries," said Azar, who earlier in his career worked at Eli Lilly.
The pharma industry also supports a withdrawn plan from the White House that would have banned rebates that drugmakers pay to pharmacy benefit managers. The companies pay the rebates to the so-called PBMs, sometimes called middlemen, for getting their drugs covered by Medicare's Part D prescription plan.
"We agree it's time for change," said Ricks, who joined CNBC shortly after Lilly reported second-quarter earnings and revenue that beat Wall Street's expectations. "We agree that patients need relief in the cost of medications."