Jun 21, 2017

How coal (yes, coal) fuels one drug company's earnings

Pablo Martinez Monsivais / AP

Reuters reports a bizarre story today that details how Mylan, the pharmaceutical company that has been lambasted for drastically raising prices of EpiPens, also earns a decent chunk of money from...coal operations.

Why Mylan invests in refined coal: Tax credits. The coal operations lose money, but Mylan is able to claim hefty clean energy tax credits. In 2016 alone, that gave Mylan "an effective tax rate of negative 294 percent" and boosted earnings by at least $40 million, Reuters reports. Mylan already enjoys a low corporate tax rate after it parked its headquarters in the Netherlands in 2015.

Why it matters: It's another instance of financial engineering that hangs over Mylan, which will face angry investors at its shareholder meeting tomorrow.

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Rebecca Falconer, Orion Rummler, Marisa Fernandez

Trump signs $2 trillion relief bill as U.S. coronavirus case count tops 100,000

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

President Trump signed a $2.2 trillion coronavirus relief package on Friday, as infections in the U.S. topped 100,000 and more cities experience spikes of the novel coronavirus.

The big picture: The U.S. has the most COVID-19 cases in the world, exceeding China and Italy, per data from Johns Hopkins. A second wave of American cities, including Boston, Detroit, New Orleans and Philadelphia, are reporting influxes of cases.

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Axios

Coronavirus updates: Italy records deadliest day with nearly 1,000 dead

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

Italy on Friday reported 969 COVID-19 deaths over a 24-hour period, marking the deadliest single-day for the country since the global outbreak began, according to data from the Health Ministry.

The big picture: The U.S. now leads the world in confirmed coronavirus cases, as the number of global cases nears 600,000. Governments around the world are trying to curb the medical and financial fallout of COVID-19, as infections surge across Europe and the U.S.

Go deeperUpdated 8 hours ago - Health

Axios

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

Global: Total confirmed cases as of 9 p.m. ET: 595,800 — Total deaths: 27,324 — Total recoveries: 131,006.
U.S.: Leads the world in cases. Total confirmed cases as of 9 p.m. ET: 103,942 — Total deaths: 1,689 — Total recoveries: 870.
Federal government latest: President Trump signed the $2 trillion coronavirus stimulus bill to provide businesses and U.S. workers economic relief.
State updates: Nearly 92% of cities do not have adequate medical supplies — New York is trying to nearly triple its hospital capacity in less than a month.
World updates: Italy reported 969 coronavirus deaths on Friday, the country's deadliest day.
Business latest: President Trump authorized the use of the Defense Production Act to direct General Motors to build ventilators for those affected by COVID-19. White House trade adviser Peter Navarro has been appointed to enforce the act.
🏰 1 Disney thing: Both Disney World and Disneyland theme parks in the U.S. are closed until further notice.
What should I do? Answers about the virus from Axios experts — What to know about social distancing.
Other resources: CDC on how to avoid the virus, what to do if you get it.

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Keep ReadingUpdated 9 hours ago - Politics & Policy