Must-Read Money Stories for Monday, Feb. 13

by February 13, 2017
A special treatment long available overseas won U.S. approval last week, spiking the annual cost to patients from for $1,200 per year to $89,000. (Image "Prescription Prices Ver1" by Chris Potter via Flickr, CC license by 2.0.)

A treatment long available overseas won U.S. approval last week, spiking the annual cost to patients from for $1,200 to $89,000. (Image “Prescription Prices Ver1” by Chris Potter via Flickr, CC license by 2.0)

Retail trend: Dump Trump

Retailer boycotts of the Donald Trump name and brand continued over weekend, when Sears and its subsidiary Kmart disclosed plans to drop 31 Trump Home products from their online purchase offerings, according to The Washington Post. The decision comes days after other major retailers such as Nordstrom and Neiman Marcus announced they would discontinue carrying Ivanka Trump’s clothing and jewelry brand.

Automakers want fuel rules revoked

Chief executives of some of the world’s largest 18 automakers—including General Motors, Ford, Toyota, Honda and also Volkswagen—submitted a letter to the Trump administration late Friday requesting a review of Obama-era vehicle fuel-efficiency rules.These regulatins were supposed to have been recently locked into place through 2025, according to Reuters. The automaker CEOs argued the fuel standards impose added costs that will ultimately cost jobs and hurt the economy.

Disease sufferers see drug price skyrocket

Roughly 15,000 Americans suffering from the rare and fatal Duchenne muscular dystrophy disease will no longer have to look abroad for a specific steroid treatment. But the convenience comes at a major cost. Federal regulators approved the treatment—branded as Emflaza and available outside the U.S. for several years— last week as an “orphan drug,” giving seven years of exclusive selling rights to Marathon Pharmaceuticals, according to the Washington Post. As a result, the new annual cost to patients is $89,000—a staggering jump from the average $1,200 yearly cost Americans have been paying for the imported drug.

Swiss reject foreign tax overhaul

A overhaul of Switzerland’s tax structure aimed to better align with international norms failed to pass muster with the Swiss, who voted down the measure Sunday by 59 percent, according to the Wall Street Journal. The proposal was crafted amid pressure from the European Union—of which Switzerland is not a member but has policy agreements—to wipe away special tax-cut deals afforded to multinational companies. Sunday’s vote will now place limits on what the Swiss government can do with future tax proposals and also leaves some corporations vulnerable to crackdowns by other countries’ tax authorities.

Get a quick snapshot of the day’s most newsworthy business stories in your mailbox each morning. It’s fast and free. Sign up here.