Business Briefs – July 22, 2019

Equifax to Pay Up to $700M In Data Breach Settlement

NEW YORK (AP) – Equifax has agreed to pay $700 million, potentially more, to settle with the federal authorities and states over its 2017 data breach that exposed the Social Security numbers and other private information of nearly 150 million people, roughly half of the U.S. population.

The settlement with the Consumer Financial Protection Bureau and the Federal Trade Commission, as well as 48 states, the District of Columbia and Puerto Rico, would provide up to $425 million in monetary relief to consumers, a $100 million civil money penalty, and other relief.

U.S. Slaps Chinese Firm for Importing Iranian Oil

WASHINGTON (AP) – The Trump administration is penalizing a Chinese company and its top executive for violating U.S. restrictions on dealing with Iran.

Secretary of State Mike Pompeo says the U.S. is imposing sanctions on Zhuhai Zhenrong (ZHOO-hi ZHEN-wrong) Limited and its chief executive for violating restrictions on Iran’s oil industry.

Pompeo announced the measures Monday in a speech in Orlando to the VFW.

European Central Bank Could Act Before Fed to Add Stimulus

FRANKFURT, Germany (AP) – The European Central Bank could take action including a possible rate cut at its policy meeting on Thursday, as central banks around the globe rev up stimulus to support the world economy through a period of heightened uncertainty from trade wars and Brexit.

The ECB, which sets interest rates for the 19 European Union member countries that use the euro, is expected by many analysts to at least tweak its promise to keep interest rates at rock-bottom levels into next year. The new wording would emphasize that the next move down the road could be a cut.

FDA Approves 9 Generic Versions Of Nerve Pain Drug Lyrica

TRENTON, N.J. (AP) – The U.S. Food and Drug Administration has approved the first generic copies of a popular, pricey pill for nerve pain.

The agency on Monday said it approved nine generic versions of Pfizer Inc.’s Lyrica. It is also used for seizures and fibromyalgia, a condition that causes chronic pain.

Lyrica is Pfizer’s second bestseller, with sales last year of $4.6 billion. The heavily advertised drug costs about $460 to $720 per month without insurance, depending on the pharmacy. Prices can vary widely.

Prices for generic versions range from about $140 to $370 per month, according to the drug price comparison site GoodRx .