- Important state and national stories, market and business news, sports and entertainment, delivered in quick-hit fashion to start your day informed.
In Mississippi
1. Mississippi to receive $771,000 in settlement over baby formula, other products
Attorney General Fitch, along with 39 other states and the federal government, announced Wednesday an agreement with Abbott Laboratories to settle allegations that the company defrauded government health programs by selling them infant formula and nutritional therapy products manufactured in plants that failed to meet state and federal safety standards for preventing contamination.
Abbott will pay nearly $348.7 million to the United States to resolve False Claims Act allegations and another $35.5 million to the states for claims related to Medicaid programs.
As part of the settlement, Mississippi will receive $771,432.52 in restitution and other recoveries.
More than half of all infant formula purchased in the United States is paid for with USDA funds through WIC. Many state Medicaid programs also cover and pay for certain powder infant formula.
2. War Dept. awards $7.5 million research grant to Jackson State
Jackson State University has been named a recipient of a $7.5 million federal research grant from the U.S. Department of War Historically Black Colleges and Universities/Minority-Serving Institutions Program.
The university was one of 10 HBCUs and minority-serving institutions selected for the grant to increase the institutions’ capacity to conduct nationally significant, defense-relevant research.
Through JSU’s five-year $7.5 million grant award, the university’s research teams will support the development of smart-management approaches to protect critical logistics infrastructure–including ports, roads, bridges, airfields, embankments and transportation corridors–against physical deterioration, extreme weather and adversarial threats.
National News & Foreign Policy
1. Democrats block stock trading ban bill
As reported by The Hill, “Senate Democrats on Wednesday blocked a bill sponsored by vulnerable GOP incumbent Sen. Pete Ricketts (Neb.) to restrict members of Congress from buying new stocks of publicly traded companies, arguing the legislation didn’t go far enough to crack down on possible corruption.”
“The Stop Insider Trading Act failed by a vote of 53-47. No Democrat voted in support of the measure. It needed 60 votes to advance on the Senate floor,” The Hill reported. “Ricketts, who is facing a competitive race in Nebraska, argued before the vote that his bill would ‘ban congressional insider trading’ and touted it as a ‘commonsense’ reform that ‘we need to pass.’”
The Hill continued, “It passed the House in July by a vote of 232-198 with the support of 13 Democrats… The legislation would have banned lawmakers from buying new stocks in publicly traded companies and would have required them to provide advance notice of plans to sell stocks. But the legislation would have allowed lawmakers to keep the stocks they already own and to buy private stocks.”
2. Louisiana airport to house deportation facility
The New York Times reports that “a 528-bed facility for immigrant children and families is expected to open soon at a Louisiana airfield, according to local officials and advocacy groups, a major expansion of the Trump administration’s busiest deportation hub.”
“Fashioned from renovated Air Force barracks at England Airpark, home to the Alexandria International Airport, the site will house people as they await removal from the United States,” NYT reported. “Local officials who toured the facility in Alexandria, La., last week said it would open within two to three weeks. In addition to the barracks, they reported seeing prefabricated structures that will hold immigrants. Intake, medical and other personnel were already on site, they said.”
NYT further reported, “The new facility will more than double the number of immigrants that can be held on the airport’s premises. Currently, adult men slated for deportation are confined in a 400-bed facility on the tarmac. Roughly 30 percent of all deportation flights from the United States leave from Alexandria.”
Sports
Ole Miss men’s golf captures crown at the Bryan Bros Collegiate
The Ole Miss men’s golf team captured the crown at the Bryan Bros Collegiate, as Collins Trolio drilled a putt on the 18th hole to secure the victory.
The Rebels finished the tournament at 833 (-19), earning their first tournament title of the season.
The Rebels entered the final holes of the tournament tied for first with the Liberty Flames and the No. 13 ranked Arkansas Razorbacks. It was a back-and-forth battle until the very end, with Ole Miss ultimately edged out Arkansas to claim the victory.
Markets & Business
1. First-of-its-kind workforce model announced by MDES, Skills Foundation
The Skills Foundation of Mississippi and the Mississippi Department of Employment Security (MDES) announced Wednesday a first-of-its-kind partnership agreement between the agency and nonprofit sector to promote awareness of workforce training and job opportunities in high-growth fields, including information technology and construction.
The partnership will focus on a new program, “Mississippi’s Got Skills,” in which the two organizations will work directly with Jackson-based nonprofits, education providers, and employers to increase opportunities for current high school students, youth not attending school, and individuals facing significant barriers to employment.
The program will provide funds to reduce barriers to training, such as training scholarships and transportation, and connect participants directly to employers for real-world work experience and career opportunities.
The Skills Foundation is a nonprofit organization that promotes skilled work in Mississippi as a pathway to economic growth and long-term prosperity. The organization has developed related programs, such as the “Skills That Pay” initiative, which provides scholarships to graduating high school seniors entering tradecraft.
2. Dollar jumps to 16-month high
The Wall Street Journal reports that “the dollar jumped to a 16-month high against a basket of currencies on Thursday as it continued to derive support from the prospect of the Federal Reserve raising interest rates further.”
“Minneapolis Federal Reserve President Neel Kashkari said on Wednesday price pressures remained elevated even after the Fed’s preferred inflation measure, the personal consumption expenditures price index, came in lower-than-expected Wednesday,” WSJ reported. “The DXY dollar index rose to a 16-month high of 101.848 in European morning trade. The euro fell to a 16-month low of $1.1286. The dollar also hit a 16-month high against the Swiss franc at 0.8382 francs, according to LSEG data.”
“The dollar maintained its dominance, supported by relative growth resilience and widening rate differentials,” Tickmill Group partner of market strategy, Patrick Munnelly, said in a note.
3. Oil prices rise as China reportedly suspends October fuel exports
CNBC reports that “oil prices rose on Thursday, reversing earlier losses, following a report that Chinese refiners have suspended October fuel exports, further squeezing war-constrained energy markets.”
“International benchmark Brent crude with December expiry was last seen trading 2.2% higher at $100.15 per barrel, having earlier traded 1% lower, while U.S. West Texas Intermediate futures with November expiry rose 1.5% to $91.74,” CNBC reported. “UOB in a note Thursday said that crude flows from Middle East were reportedly nearing pre-war levels, but fuel supplies, particularly gasoline, were lagging behind.”
CNBC added, “Worries over crude supply disruptions have eased following the resumption of oil tanker loadings by Saudi Arabia from its Red Sea port of Yanbu after the kingdom restarted operations on its East-West Pipeline.”
