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Stock mixed ... Seattle backs off tax plan ... Massachusetts sues maker of OxyContin and its execs

June 12, 2018

NEW YORK (AP) — Stocks are mixed with traders reacting calmly to the outcome of the summit between President Trump and North Korean leader Kim Jong Un. The two signed an agreement containing broad promises that largely reiterate past agreements, but the deal is seen as potentially lowering geopolitical tensions in a region surrounded by three of the world’s largest economies: Japan, China and South Korea.

SEATTLE (AP) — Amazon balked, and Seattle is backing down. City leaders said they plan to repeal a tax on large companies such as Amazon and Starbucks as they face mounting pressure from businesses. The about-face comes just a month after the City Council unanimously approved the measure to help pay for efforts to combat a growing homelessness crisis.

BOSTON (AP) — Massachusetts has sued the maker of OxyContin over the deadly opioid crisis and has become the first state to also target the company’s executives. The lawsuit alleges Purdue Pharma misled doctors and patients about the risks of opioids and “peddled falsehoods” to sell more drugs and boost profits. In addition to the company itself, the suit names 16 current and former executives and board members, including CEO Craig Landau and members of the Sackler family, which owns the company.

WASHINGTON (AP) — The Senate Banking Committee has approved President Donald Trump’s nomination of Columbia University professor Richard Clarida to be the vice chairman of the Federal Reserve. The panel also approved the nomination of Kansas bank commissioner Michelle Bowman to fill another vacancy on the Fed’s seven-member board. If the nominations win approval as expected from the full Senate, they will fill two of the current four vacancies on the Fed board. Trump has the opportunity to remake the Fed board in his first two years in office by filling six of seven positions.

LONDON (AP) — The British government has narrowly defeated a bid to give lawmakers more power over how the U.K. leaves the European Union — but only after offering concessions to a rebellious House of Commons. By 324 to 298, the House of Commons rejected giving legislators power to send the government back to the negotiating table with Brussels if they don’t like the terms of the Brexit deal struck with the EU. To avoid defeat, the government promised to make its own changes to the bill.

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