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Boeing supplier Spirit AeroSystems to suspend production of 737 MAX parts

Spirit said the move, which comes after Boeing said earlier this week it would halt production of the grounded jet in January, would hurt its financial condition and cash flow. “Because revenue from 737 aircraft components represents more than 50 percent of Spirit’s annual revenue, this suspension will have an adverse impact on Spirit’s business, financial condition, results of operations, and cash flows,” the company said. Spirit, which makes the MAX fuselage, pylons, thrust reverser, wing leading edges and engine nacelles, has continued to churn out parts for the jet at a rate of up to 52 units …read more […]

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Forget Rate Decisions. Loonie Traders Bank on Canada Immigration

(Bloomberg) — In an era of low global interest rates, currency traders will have to look elsewhere for an impetus. In Canada, they can bank on population growth.The flood of immigrants and non-permanent residents to levels not seen in a century has been one of the main drivers supporting Canada’s economic expansion over the past several years. That has kept the Bank of Canada as an outlier in the global easing trend as it held its policy rate unchanged, bolstering the allure of the loonie.“These high levels of immigration — if they are to continue and help support growth — …read more […]

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Novartis wins Medicaid approval for new sickle cell drug in key U.S. states

Novartis AG has secured Medicaid coverage for a pricey new sickle cell disease therapy in two U.S. states just weeks after winning U.S. approval, following an early campaign to convince local officials of its value, according to a company executive and a Reuters review of public filings. The approvals from the Florida and Alabama Medicaid health programs for the poor and disabled mark exceptionally fast acceptance for the treatment, which can cost up to $113,000 an

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Novartis wins Medicaid approval for new sickle cell drug in key U.S. states

The approvals from the Florida and Alabama Medicaid health programs for the poor and disabled mark exceptionally fast acceptance for the treatment, which can cost up to $113,000 annually for an individual patient, excluding discounts, said Ameet Mallik, who heads the Swiss drugmaker’s oncology division. In November, the U.S. Food and Drug Administration approved Adakveo and Global Blood Therapeutic Inc’s Oxbryta, which carries a list price of $125,000 per year. …read more […]

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Apple Has Secret Team Working on Satellites to Beam Data to Devices

(Bloomberg) — Apple Inc. has a secret team working on satellites and related wireless technology, striving to find new ways to beam data such as internet connectivity directly to its devices, according to people familiar with the work.The Cupertino, California-based iPhone maker has about a dozen engineers from the aerospace, satellite and antenna design industries working on the project with the goal of deploying their results within five years, said the people, who asked not to be identified discussing internal company efforts. Work on the project is still early and could be abandoned, the people said, and a clear direction …read more […]