Sep 24, 2019

Gold mining companies are shunning big projects despite rising prices

Gold mining companies are on the list of industries wary of spending in this economy.

The big picture: The trade war has dented CEO confidence and many companies are holding off on capital expenditures and large investments, but gold mining companies have typically splurged when prices of the precious metal have risen.

What's happening: Gold prices rose to a 2-week high on Monday, as the awful manufacturing and growth numbers from the eurozone urged investors to buy safe-haven assets, and the commodity is again rising toward an all-time high. But gold mining companies are being cautious. WSJ's Alistair MacDonald writes...

  • "Gold miners say they aren’t planning the same sort of megaprojects and acquisition sprees that characterized the last ramp up in prices in the years ahead of 2011. Instead, wary of volatile prices, they plan to pay down debt and return money to shareholders."
  • "Many companies, including the world’s largest gold miner, Newmont Goldcorp Corp., say they will only approve new projects if they can make money with gold at $1,200, about 20% below where the metal currently trades."
  • "Gold prices also have spent the majority of the eight years since 2011’s bust trading above that level, underscoring how conservative companies have become."

Go deeper: Central banks want more gold, fewer dollars

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New drugs are launching with ever-higher prices

Illustration: Eniola Odetunde/Axios

The average launch prices for new brand-name drugs have skyrocketed over the past decade, according to an analysis from drug research firm 46brooklyn.

Why it matters: The U.S. prescription drug market increasingly has thrived on high initial price tags and subsequent increases. That has resulted in higher premiums and out-of-pocket costs for new drugs, as well as more expensive generics.

Go deeperArrowOct 16, 2019

Simone Biles becomes most decorated gymnast in world championship history

Simone Biles competes on Oct. 13. Photo: Laurence Griffiths/Getty Images

With a gold medal win on Sunday, Simon Biles became the most decorated gymnast in world championship history, according to CNN.

By the numbers: Biles' 19th career gold medal, which she won at the Artistic Gymnastics World Championships in Stuttgart, Germany, brought her total medal count to 25, moving her past Belarusian Vitaly Scherbo's record for both men and women (23). The 4-time Olympic champion said she is preparing for the 2020 Olympics in Tokyo, which will be her last appearance at the Olympics.

Keep ReadingArrowOct 13, 2019

America is pharma's piggybank

Reproduced from the Ways and Means Committee; Table: Axios Visuals

Americans would save a boatload if we paid the same prices as other wealthy countries pay for prescription drugs, a new analysis from the House Ways & Means Committee confirms.

Why it matters: This is why the industry is so staunchly opposed to both President Trump's and House Speaker Nancy Pelosi's plans to piggyback off of other countries' lower prices.

Go deeperArrowSep 24, 2019