When Mylan dramatically increased the price of its life-saving EpiPen devices, it drew sharp rebuke all around for what seemed like a purely greedy—and heartless—move. But according to a lawsuit filed by French drug maker Sanofi, the move wasn’t just out of simple greed. Instead, it was part of an underhanded scheme to “squash” competition from Sanofi’s rival device, the Auvi-Q.
With the lofty prices and near-monopoly over the market, Mylan could dangle deep discounts to drug suppliers—with the condition that they turn their backs on Sanofi’s Auvi-Q—the lawsuit alleges. Suppliers wouldn’t dare ditch the most popular auto-injector. And with the high prices, the rebates wouldn’t put a dent in Mylan’s hefty profits, Sanofi speculates.
Coupled with a smear campaign and other underhanded practices, Mylan effectively pushed Sanofi out of the US epinephrine auto-injector market, Sanofi alleges. The lawsuit, filed Monday in a federal court in New Jersey, seeks damages under US Antitrust laws.
Is Ontario’s new Fair Housing Plan, comprising 16 measures designed to stabilize the real estate market while protecting homeowners’ investments, actually fair? Or foul? Or is it a fail, even?
Well, that depends on what part of the housing market you’re in.
(Photo: Hinterhaus Productions via Getty Images)
Homebuyers will like the plan if it has the desired cooling effect on the market. After two consecutive years of double-digit gains, average house prices in the Toronto region reached $916,567 in March 2017, up 33.2 per cent from a year earlier.
Even if, as some sources suspect, the pause lasts only a few months, would-be buyers may catch a break from the norm of the past couple years — prohibitive price growth, multiple offers and bidding wars.
Homeowners will probably be OK with the measures if they don’t lead to any precipitous drop in prices. Even if price growth slows to between five and 10 per cent, as some suggest, those are still handsome gains.
“More sustainable and moderate price growth is in the interests of buyers, sellers, the financial system and the economy.” — Craig Alexander, Conference Board of Canada
Sellers, on the other hand, may not love the plan, as it may reduce buying activity and price growth, even if only in the short term.
“Given the frothy real estate price growth across the Greater Golden Horseshoe, policy action was needed to reduce the growing risks to the Ontario and National economy,” says Craig Alexander, senior vice-president and chief economist at the Conference Board of Canada. “More sustainable and moderate price growth is in the interests of buyers, sellers, the financial system and the economy. In recent years, the federal government has delivered several rounds of housing policy tightening that impacted real estate markets from coast-to-coast. The next logical step was regional policy actions where the imbalances are greatest. It was time for Ontario to act.”
Many realtors believe the plan is mostly positive news. While the foreign investor tax garnered most of the headlines, those buyers’ actual activity is estimated to be only about five per cent of purchases in the GTA. Therefore, the market will largely continue to work itself out for primary homebuyers, while speculators (investors who count solely on value appreciation) could back away.
“It is fair to assume that a foreign speculators tax will impact the middle-class, and not just buyers in the upper-end of the market,” says Christopher Alexander, regional director at ReMax Ontario-Atlantic Canada, Toronto.
Alexander expects the foreign buyers’ tax to have a similar impact in the GTA as it did in Vancouver last year — negatively impacting consumer confidence as buyers wait to see how it would take effect, causing less activity in the market overall.
(Photo: MBBirdy via Getty Images)
Before the release of the plan, home builders feared a knee-jerk reaction from the province, especially new taxes and their unintended consequences.
Their primary concern, however, remains supply.
“As the industry that builds 95 per cent of new housing in Ontario, we are pleased that the government has accepted our recommendations to create a housing advisory group and Housing Supply Team to resolve land-use approvals issues and red tape, which prevent housing from coming onto the market for new home buyers,” says Joe Vaccaro, CEO of the Ontario Home Builders’ Association. “We look forward to working with our provincial and municipal partners and continue to promote solutions, such as pre-zoning, fast-tracking approvals, and fixing the EA process, in order to bring more housing supply and housing choice to consumers.”
The absence of cranes in the sky or shovels in the ground is never a good thing.
Builder associations have been lobbying for years that Ontario must find ways to quicken the approvals process. In Greater Golden Horseshoe area, it can take five to 10 years for the regulatory process to play out — even in areas already slated for growth — when it should take two to three years, they argue.
Builders’ concerns aren’t just about their own profits, either. Housing starts are an important indicator of economic health. If builders are building, that means they are employing; in the GTA in 2015, almost 200,000 people, earning more than $11 billion in wages, according to the Building Industry and Land Development Association.
The absence of cranes in the sky or shovels in the ground is never a good thing.
Private investors appear to be the ones taking it on the chin the most, or at least first.
“By making this statement, the government is effectively acknowledging that investors will have to take a massive hit to their yield, with only being able to increase gross cash flow by 1.5 per cent (less than the rate of inflation),” Calum Ross, broker and wealth planner at The Mortgage Management Group, Toronto, told YPNextHome. “What the government has failed to recognize is that real estate investors need to make return, and if they don’t, they will simply deploy their capital elsewhere. With cap rates already so low for GTA real estate assets, the increased rent control could very well cause the single largest rental crisis in this city’s history.
“Buying real estate based on theoretical appreciation of values is speculation, not investing. Smart money and those with capital don’t play the speculation game. I am advising most of my Toronto clients to sell and seek yield in dividend-paying equities or invest in real estate elsewhere. This announcement will only strengthen my belief that Toronto real estate investors who understand math should simply sell.”
(Photo: Andrey Popov via Getty Images)
If there’s an early winner in the Fair Housing Plan, it’s renters. Rent control will be expanded to buildings constructed after 1991, which were previously not covered by rules.
Ontario’s average vacancy rate dropped to 2.1 per cent in the fall of 2016, from 2.4 per cent in 2015, the lowest vacancy rate since October 2003; in Toronto, the vacancy rate was 1.3 per cent, the lowest in 12 years.
With such miniscule vacancies, some landlords were demanding any rent they wanted once a lease was up, in some cases doubling rents.
Anything that alleviates this pressure for renters, then, is a win.
In November, America’s beleaguered rural citizens voted against the status quo – but that’s exactly what Trump’s new agriculture secretary looks set to ensure
Donald Trump owes his election in no small part to the support of farm country. But since entering office, almost all his actions and pronouncements have betrayed an abysmal understanding of farm and rural concerns. No surprise, then, that food and farm advocates have looked eagerly to Sonny Perdue, who was sworn in as agriculture secretary on Tuesday, to educate and temper the president on their issues.
The new secretary has his work cut out for him. The president unveiled a budget blueprint last month that slashed funding for the US Department of Agriculture (USDA) by 21%.
Palantir has reached a settlement with the U.S. Department of Labor over a lawsuit alleging racial discrimination against Asian people in the company’s hiring and selection processes for engineering roles. As part of the agreement, Palantir will pay $1.7 million in back wages and other types of monetary relief, like stock value options, to those affected. Read More
I’ve been saying it for a few years now, but I really, really like the Chromecast — Google’s simple little dongle for streaming Netflix/Hulu/YouTube etc. from your devices to your TV with just a tap or two. It does what it’s supposed to do, does it well and doesn’t try to do anything more than that. Well… that’s not entirely true. Read More
Two weeks into its phased rollout, the Creators Update (version 1703) is on about ten percent of Windows 10 machines.
That number comes from AdDuplex, which collects statistics from Windows 10 machines running apps built with its advertising SDK. 9.8 percent of Windows 10 machines are on 1703, 82.1 percent are on the Anniversary Update, 6 percent are on version 1511, and just 1.8 percent are on the original RTM release.
That original release (sometimes known as 1507, following the year-year-month-month naming pattern used for subsequent releases) moves out of support on May 9. Although Windows 10 itself has a minimum of ten years of support, maintaining that support will still require periodic upgrades. This is not an entirely new policy; in the days of Windows Service Packs, the release of a new Service Pack would start a two-year countdown for support of the previous Service Pack. After those two years, only the new Service Pack would be supported. The timetable is a little condensed, however; Windows 10 1507 is not yet two years old, and it won’t be two years old when it falls out of support.
LOS ANGELES (Reuters) – The late wife of Robert Durst, the real estate scion tied to killings explored in HBO’s series “The Jinx,” once told a neighbor that Durst had beaten her and wanted to kill her, a retired detective testified on Tuesday in a hearing before Durst’s latest murder trial.
(Reuters) – Deckers Outdoor Corp said on Tuesday it was exploring strategic alternatives, including a sale of the company, a month after an activist investor urged the apparel and accessories maker to sell itself.