Business Briefs – July 13, 2016

Chinese Government Suspected Of Hacking Into FDIC Computers

WASHINGTON (AP) – The Chinese government is believed to have hacked into computers at the Federal Deposit Insurance Corp. in 2010, 2011 and 2013, including the workstation of then-FDIC Chair Sheila Bair, a congressional report says.

The report issued Wednesday cites a May 2013 memo from the FDIC inspector general to agency Chairman Martin Gruenberg, which described an “advanced persistent threat,” said to have come from the Chinese government, which compromised 12 computer workstations and 10 servers at the FDIC.

Fed Survey Finds Modest Growth Across Most of the U.S.

WASHINGTON (AP) – The Federal Reserve says the economy and hiring continued to expand modestly across most of the United States from mid-May through June, leaving some firms struggling to find skilled workers.

The Fed’s latest survey of business conditions found modest growth in 11 of 12 regions.

The report, known as the Beige Book, will be discussed at the Fed’s upcoming meeting on July 26-27 as policymakers weigh whether and when to raise short-term U.S. interest rates.

Juno Being Sued Over Leukemia Drug Study

NEW YORK (AP) – Juno Therapeutics and its CEO have been named in a lawsuit over whether the biotechnology company misled investors about the death of a patient in a key study involving its drug intended to treat leukemia.

The lawsuit arrives just as the company gained permission by the Food and Drug Administration to restart its study for the leukemia drug candidate.

Juno suspended the study earlier this month following two patient deaths from swelling of the brain. Juno said the problem stemmed not from its treatment, but from a chemotherapy drug used to prepare for participation in the drug trial. The study is continuing without that chemotherapy drug.

U.S. Brings WTO Case Against Chinese Taxes on Raw Materials

WASHINGTON (AP) – The United States is bringing a case against China to the World Trade Organization, arguing that taxes the Chinese impose on raw materials exports put U.S. manufacturers at a disadvantage.

China imposes duties of 5 percent to 20 percent on exports of nine raw materials.

According to the U.S., China was supposed to eliminate the duties after it joined the World Trade Organization in 2001 but didn’t. The duties raise the costs for U.S. manufacturers and give them an incentive to relocate to China to avoid paying them.