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tv   Nightly Business Report  PBS  August 25, 2016 1:00am-1:31am PDT

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this is "nightly business " with tyler mat. mylan under fire from the white house for skyrocketing s really ice, but it may be the .iving sales housing head scratcher. why sales soaring. while uncle sam is stepping in to buy 11 million pounds of . those stories and more tonight .n the "nightly business report" good evening, everybo and welcome. i'e herera. the chorus of critics is american medical association, democratic
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e on ageing. they are all adding their names to the list of those concerned about the rising price of epipens. the medication that can stop life threatening allergic reactions. as the criticism grows, so does the pressure on mylan. shares fell 5% today and are down about 12% since friday me relationsh growth of epipen sales. >> the s the epipen only heightened today with washington ratcheting up the pressure. >> pharmaceutical companies that often try to portray themselves as if the inventor medication, often do real damage to by being greed di. and jacking up prices in a way that victimizes vulnerable
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americans. >> josh earnest said in response to a question about prices, that the white house isn't second guessing mylan, but that prescription drug price questions.an raise d hillary clinton weighed in, tweeting this epipens can be the difference between life and death. there's no justification in the prn 500% to more than $600 for a pack of two in the past decade. >> stirred up a hornet's nest. >> the three leaders commented, with bill georgios criticizing heather bresh for the increases, but it shouldn't end there. the senate ageing committee sent a leo mylan requesting informat preefing to staff in two weeks. that's the se that held hearings on drug price iin turing the companies founded by -- said
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we have reached out to every member of congress who september ut a letter and we look forwth possible. mylan's government relationship may be important to supporting growth of sales. the compane passage of the 2013 law, the scho access emergency act, which provides incentives to stop supplies of the ingredient. of this, including a number of democrats. >> they said we want them to do th didn't think about the market effects. >> sales have grown by 25%. from $843 million in 2013 to more than a bill now, the drug maker has lobbyi. government attention on pricing is never good for stock prices and drugmakers felt the price
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today. are companies across the board ticked lower as washington ratcheted up the pressure. >> pfi co the dow component has agreed to $1.5 rt of sas tra senne k billion. that would shore up the portfolio of older products it sales. earlier this week, we reported they wer a maker of a prostate cdrug. shar finished the day lower. .ealth care stocks came under the nasdaq dropped 42, the s&p d oil prices fell as well, about 3% after an unpechtingly large build add e
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s in w, to that hou contrast to one that was released yesterday, today, we learned that sales of previously owned homed fell in july for the first time since february. existing home sales tumbled more expectations. but la night, we told you new home sales were surging, so why t the discrepancy. >> newly build homes are sea mixed message from straightforwar sales of existing homes fell because the number of homes for sale fell. down 6% compared to a year ago. there's just making homes that are for sale less affordable. realtors say people just aren't excited to shop in today's tight market buyer traffic is slowing down. newly built homes are benefit
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frg the lack of exising supplies. also, the jump in ju dri by hug gains in the south where builders are putting up more homes at che homes make up just% of all home sales today. >> if we have a housing shortage, the economic incentive should be there. we're not getting there. >> because builders are up against permitting and labor issucities. for "nightly business report, i'm diana oleic in washington. zpl housing has been one of f g watches closely when making a decision on interest rates and today, a central bank official says he expect iing th n awen or by how much, but did hint that an increase may be getting closer. and hints are just what investors will be looking for
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when fed chair janet yellen liesman reports, many economie path of spres rat >> at the meet at its annual retreat, raging fires in the majestic mountai meeting interest, which is focused on finding a framework to dtsds but the krbz fed survey found e. just 24% and 16% meanwhile, 47% say current policy is made based ton latest qureport. though some say the fed has been inconsistent, the data itself has been inconsistent. >> the problem has been as they've been looking at the
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l you use, they haven't had a consistent period in which they could act in a consistent way to raise rates. >> as it is, survey respondents have pushed back yet again their expeck tases from december to january 2017. they now think that t fed gets hiking rates at 2.29% in early 201. while rate rs forecast to stay low, stocks are seen rising just modestly this s& hitti 22.75 in 2017. the stock comes with modest economic growth. gdp is seen gaining just under 2% this year and a bit above it next year. the many concern the fuallout frd te uncertainties, the outcome of the election. it's gotten so strange that for the first time this election, the cnbc fed survey shows respondents believe it best for the economy if a democrat wins. so, from uncertainty over u.s. d overseas growth to the
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outcl election a how the fed makes policy. view of the horizon. m steve liesman. sfl some of those cloud may be the democratic presidential nominee is coming under increased scrutiny for her ties to the clinton found and new e-mails are raising more questions about the possible combin. amon, good to see you. what do d where does the story go from this point? >> well, the question here is e able to buy access to secretary of state hillary clinton while she was secretary of state. that's what the critics are charging and so, the problem for the clinton campaign going into the fall election cycle is that there's a whole series of data of groups that are investigating this scandal
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including judicial watch, a conservativegroup, citizens united. these are no friends to hillary clinton and also, you've got the state department's own internal those are going to be which dump data out there for the public to see as they did this so, so basically, all the way into october the clin campaig is going to be wresg with new disclosures over e-mail, each of which is going to set off patch of stories and media coverage. >> absolutely. now, you've been doi rep your own and what haer state department, saw an interesting e-mail from a foundation official in 2012 to huma aberdeen, a key aide, in which he offers her a ride on a private jet to go on a private jet. ly accepted that
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ride, that was operated by a donor to the clinton foundation. that's something the state department told us is allowed under ru riding arod on private jets is not standardn at the white house or other places, but at the state department, they say that ride on that private jet to little rock was allowed. >> tha itself. u very much. in washington tonight. and still ahead, cracking the code. why some promising students are landing high paying jobs in just a dozen weeks without going
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it was a ruling te making a denied bail to the man at the center of one of the last remaining criminal cases from the dot com era. we reported that the founder of converse technology was coming to the u.s. to face the music after a decade in africa. today, he was in court and scot. >> kobi alexander spent the last ten years fighting extraditio o counts, but now, hise t music. he pleaded guilty to a single count of securities fraud and said he regrets his conduct. then, his attorneys as million g his sentencing, but the u.s. district judge would have none of it. noting he was the judge who signed the original arrest warrant for alexander back in 2006. spare me, he said. i wasn'tt kobi alexander's intelligence and guile are clear
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indications that he can't be trusted. benjamin brafman is his attorney. >> we are bitterly disappointed with the's z decision, but he's the judge and i'm not. >> what does this portend for sentencing? the judge was pretty harsh, parte end. >> i don't want to speculate. i think we're going a pretty strong sentencing memo which hopefully will convince the court that a lenient sentence is appropriate. >> he is set for sentencing deceri prosecutors say th falling foot traffic results at express and that's where we begin tonight's market focus. the retailer posted a disappointing quarter, missing profit and revenue. the company also reported lower e commerce sales and things are
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not expected to get better soon. express cut its earnings forecast for the year. shares fell 25% to 11.94. investors had their first chance to react to intuit earnings. the maker prepara software topped expectations in the company's quickbooks online business. brad smith says he's seeing strong result frs >> saving the for $3500 a year in ta them. a very simple app and we have good adoption going on with this product. >> shares finished the day down 3.5% to 109. williams sonoma issued a weak outlook for the quarter. the kitchen wear retailer reporting the most recent quarter. shares were unchanged after they ended the ta down 13 cents to
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weaker printer sales dragged down profit and revenue at hp. the company is also forecasting profit growth below estimates because of the slowing demand for printers. that news sent share down in afterhours finished the regular session down to 14.40 and pvh, which owns the tommie hill figger brand saw its profits rise. revenues that the company rose and the retailer listed its full year earnings guidance. shares rose marichally after enng 73 cents to 108.82. ride hailing service uriber is now offering a new perk for some drivers. the fast growing start up is partnering with an online investment company called betterment to help employe drivn certain markets open up an ira or a roth ira without a required minimum balance. the first year will be free. silicon valley based uper says
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it's working with betterment to roll out the plan nationwide. and also in silicon valley, coding boot camp for getting the attention d a high paying job in just a dozen weeks. and as adidi reports, s choosin programs over s are jam packed into a room sitting elbow to elbow for up to 16 hours a day. s x days a week for 12 we coding boot camp, one of dozens of schools across the country that wit student into software engineers and catapult them into high paying goog or facebook. the founder says the intensity is the key to its success. >> i think people underestimate how much you can learn in a short time frame and you can learng if you've evertrast the
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taken a language class in high school or college, versus actually going to that country and immersing yourself. >> 98% of hack reactor students land jobs after graduating. the average salary, $105,000 a year. the tuition here is close to $20,000, one tenth of what students pay to go to elite colleges and many students are turning to coding camps instead of going to college d school. pro is going to give me the skil sk ills thalds a jo. the computer science route, while it's something i may still explore later on, but necessarily what i felt was going to get me the job and get me t and build up my own ideas. >> he said he doubleg as a software engineer for e shurns. they say by 2017, it expects to
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graduate 45 pau 00 students. >> people generally presume the way we get jobs for grads is through relationship building. we do a lot of that and it's an effective met a third of studen get offers through that. t mostly, our graduates witdoor. >> now, some students can even apply for federal grants and loans to attend certain coding boot camps, president obama has called these camps the ticket to the middle class. for "nightly business report", adidi roy, san francisco. >> while big tech firms high coder, small businesses in cleveland are adding to their payroll. the city has become a hot bed of start up activity and the growing number of entrepreneurs is hel with the historic win for
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the cavaliers and their recent republican national convention under its belt, cleveland is proving it's ready for the national spotlight. now, the city's start up scene is fighting for a shot of its own. tom lids, founder of cleveland whisky, launched his -- the start up uses ne from years to days. jump-start inc is helping local businesses to the fund launched ten years ago and invested $35 million into nearly 80 companies of those are in women and minority ago, places like cleveland didn't fully unders t of small and medium sized companies. everyone believes it's the future of our city's economy.
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>> nationally, the cleveland metro ranked 12 for small business growth according to the coffman foun with 1100 small businesses. local grou like the detroit e helps raid $30ty development million to revitalize troubled neighborhoods. the organization helps mom and pop businesses w >> neighborhoods are getting stronger. people from the suburbs, from the other an frdable place to live. there's a lot of amenities. in cleveland is being revitalized with beings in construction and a new influx of residents. since the early 2000s, they've seen a jump of nearly 80% in population and 70% increase in mill len yals. more people means more business and start ups are leaning on the
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support of locals as they part of a revita revitalizati >> now, it's time fo. i'm kate rogers in cleveland, ohio. >> coming up, taking a bite. why the u.s. government is bu a lot of cheese in america. . caused prices to fall, hurting the country's farmers, p a massi amount of it and as eric tells us, this
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isn't the first time uncle sam has helped give a mountain a boost. >> there are mountains of cheese in america. the surplus is at a 30-year highuy lot of it. 11 million pounds at a cost of $20 million. what's happen ng the cheese market is a classic case of supply and demand. a couple of years ago, cheese pricesnt vng of that. they rapidly expanded production. as the supply grs suffered a 35% drop in revenue. >> our inventory is at a 30-year high. about 1.25 billion pounds of cheese. the usda just purchased 11 million pounds. we have to put that in perspective. >> an increase in supply.
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china didn't want as much and russia instituted a ban on western dairy imports. over 1200 dairy farms shut down last year prices. 61 congressmen and senators wrote a letter to akry culture secretary asking for assistance. the money comes from a program that's part of the agriculture act of 1935. the government reserves a percentage of taxes on import p setting it aside to make food purchases when neede pantries, aid and prisons. in the past two decades, it has been used to buy dozens of bei peach, ods pork, beef, salmon, cherry, potato, apples, raisins, blueberries and oranges. despite th list of purchases, experts are optimistic it might spur higher prices in the always volatile commodity trading markets. for "nightly business report,"
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i'm eric -- >> the government plans to give that on that note, that is "nightly business " for tonight. i'm sue herera. we want to remind yo tele stations seeks your support and we appreciat
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>> explore new worlds and new ideas through programs like this made available for everyone through contributions to your pbs station from viewers like you. thank you. >> the effects of unmanaged stress are a major risk factor in almost every serious modern disease, including heart disease, stroke, high blood pressure, diabetes, and even dementia. but it doesn't have to be that way. >> announcer: dr. martin rossman is a clinical faculty member at the university of california medical school and a pioneer in the study of the healing power of the mind. >> mind-body medicine is simply the term we use for using your mind to support the powerful healing abilities already built

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