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Global News
29 minutes ago
- Business
- Global News
New Purdue opioid crisis settlement builds ‘momentum' for Canada: B.C. AG
Recent settlements in U.S. government lawsuits against opioid manufacturer Purdue Pharma and the firm that allegedly consulted on boosting its sales have B.C.'s attorney general feeling 'heartened' as she pursues similar lawsuits in Canada. Monday saw 55 U.S. states and territories reach a US$7.5-billion settlement with Purdue, the maker of OxyContin, and members of the Sackler family that sought to hold them accountable for contributing to the opioid overdose crisis. As part of the settlement, the Sacklers will give up their control of the bankrupt company and will be barred from selling prescription opioids in the future. A federal judge said Wednesday that he will rule Friday on a plan for local governments and individual victims, who would also be entitled to compensation, to vote on approving the settlement by September, allowing it to proceed. Story continues below advertisement The announcement of the U.S. settlement came after the B.C. Supreme Court on Friday certified a class-action lawsuit by the province against McKinsey & Company, which is accused of advising Purdue and other drugmakers on how to market their opioid products in Canada. McKinsey has already had to pay over US$1 billion in penalties to settle similar lawsuits in the U.S., which also led to jail time for a McKinsey executive. 'I'm really pleased with the momentum,' B.C. Attorney General Niki Sharma told Global News in an interview. 'My job as attorney general is to make sure we pursue it very aggressively and as quickly as we can, so I am heartened by the success in the States and will keep on leading the charge here in Canada.' The B.C. lawsuit against McKinsey is separate from a larger class action against dozens of opioid manufacturers and distributors on allegations they downplayed the risk their products posed in order to rake in profits. That lawsuit was allowed to go ahead last fall and was certified in January. 2:00 Supreme Court upholds B.C. opioid lawsuit B.C. is leading both lawsuits on behalf of the other Canadian provinces and territories and the federal government, with the goal of recovering health-care costs that went toward responding to the overdose crisis, Sharma said. Story continues below advertisement 'We think it's unfair that companies that profited so much, knowing that their product was so harmful and that would cause this level of addiction, aren't paying for the costs of health care,' she said. A spokesperson for McKinsey told Global News it intends to defend itself against the lawsuit, which the company says is without merit. 'McKinsey did not undertake any work in Canada to enhance the sale or marketing of opioids,' the spokesperson said in an email. Alleged tactics to 'turbocharge' opioid sales B.C.'s lawsuit against McKinsey alleges the Canadian subsidiaries of Purdue, as well as Johnson & Johnson, Janssen and other drugmakers, employed many of the same tactics used by U.S. parent companies to boost their sales. Get weekly health news Receive the latest medical news and health information delivered to you every Sunday. Sign up for weekly health newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The B.C. Supreme Court, in certifying the lawsuit, noted in its decision that multinational companies often apply business and marketing strategies 'universally.' Story continues below advertisement Last December, McKinsey agreed to pay U$650 million to resolve a U.S. Justice Department lawsuit that focused on the firm's work with Purdue, including allegations that McKinsey advised on steps to 'turbocharge' sales of OxyContin. Martin Elling, a former McKinsey senior partner who worked on Purdue matters, was sentenced to six months in prison after pleading guilty to obstruction of justice related to that case. 2:42 Conservatives grill Trudeau on former McKinsey head connection ahead of committee appearance The federal settlement was on top of a combined US$641 million McKinsey agreed to pay in 2021 to resolve similar claims brought by U.S. state attorneys general. In total, federal and state lawsuits related to the opioid crisis have resulted in roughly US$50 billion in settlements, according to researchers from Johns Hopkins University who track such claims. Long-term heavy use of prescription painkillers like OxyContin due to dependence contributed to a majority of opioid-related hospitalizations and overdoses in the early 2000s across North America. In recent years, illicit opioids like fentanyl have overtaken prescription opioids as the primary driver of the opioid crisis. Story continues below advertisement Between 2016 and last September, nearly 51,000 Canadians have died of an opioid-related overdose, according to federal data. B.C., which declared a public health emergency in 2016, saw the most fatal overdoses of any other province during that time, with more than 16,000 deaths. 'I think like many provinces across this country, we've really seen the toll of the opioid crisis on people not only with long-lasting addictions and impacts there, but loss of life and a lot of people that are mourning the loss of their loved ones,' Sharma said. A spokesperson for Health Canada said the federal government 'believes companies should be held accountable for their role in the overdose crisis' and will continue to work with provinces and territories on B.C.'s legal actions. 'The overdose crisis continues to be one of Canada's most pressing public health challenges,' the spokesperson said in an email to Global News. Health Canada is reviewing and 'considering' developments from the recent Purdue settlement in the U.S., the statement added. Where should the money go? In 2022, B.C. secured a $150-million settlement on behalf of Canadian governments in a class action against Purdue. The settlement was finalized in early 2023, allowing individuals to submit claims from a $20-million portion set aside for victims and their families, a process that remains ongoing. Story continues below advertisement The pending lawsuit against opioid manufacturers and distributors names Purdue and its various subsidiaries, as well as Johnson & Johnson, Janssen and Canadian companies like Loblaw and its subsidiary Shoppers Drug Mart. It remains in litigation. 5:09 B.C. government steps up legal action against opioid drug makers Researchers writing in the International Journal of Drug Policy earlier this year urged Canadian governments to ensure funds recovered from opioid lawsuit settlements go directly toward combating the drug crisis, rather than unrelated government expenses. Those measures should include funding harm reduction services like overdose prevention centres and safe drug supplies, as well as community organizations that work directly with people suffering from addiction, the paper says. Efforts to track how U.S. state and local governments are spending their opioid settlement money have uncovered several examples of funds not being used to directly respond to the opioid crisis. Story continues below advertisement Canada is being urged to avoid similar 'pitfalls' by mandating that at least 85 per cent of recovered funds be allocated to 'opioid remediation efforts,' and working directly with community organizations and members affected by addiction. Proposed guidelines by researchers at Johns Hopkins University for how U.S. opioid settlement funds should be spent have been adopted in over 25 states, according to the university. Sharma said B.C.'s lawsuits are structured so that any funds recovered by the province will be mandated to go to the health-care system, but that could evolve depending on how settlements are structured. 'It may be that as this develops, and the opioid cases develop, it will be tied to organizations that do addictions treatment, or there could be a whole range of things that go directly towards this crisis,' she said. She pointed to the record $32.5-billion settlement B.C. won in March on behalf of Canadian governments in its lawsuit against the tobacco industry as a model both of the province's health-related legal advocacy and the results it can achieve. 'We are really focused on eliminating the bad actors,' she said. 'It's really important to make sure that we set a line in the sand about what's right and what isn't right with the conduct of all companies out there.'
Daily Mail
an hour ago
- Business
- Daily Mail
Retail sales slumped in May after April spending spree - but consumers are feeling more confident
Retail sales slumped last month as shoppers held back after an unexpected April binge, and higher inflation weighed on spending. Retail sales volumes fell 2.7 per cent in May, far exceeding expectations of a 0.5 per cent fall and dragged lower by a 5 per cent slump in food sales, according to fresh data from the Office for National Statistics. All sales categories suffered decline for the month and volumes are now 1.3 per cent lower than this time last year, the biggest drop since April 2024 and well below economists' forecasts for 1.7 per cent growth. It follows the sunniest April on record, which prompted Britons to splurge on new clothes, food for Easter gatherings and DIY essentials, and drove retail sales 7 per cent higher for the month. Sagar Shah, associate partner at McKinsey & Company, said retailers' reversal of fortunes could be linked to food inflation hitting its highest level since February 2024 at 4.4 per cent, while 'other fiscal pressures' faced by retailers, such as higher labour costs, 'could potentially be impacting promotions'. But separate data on Friday showed British consumer confidence rose is now at its strongest level this year, with Britons feeling more slightly more positive on the economic outlook. Shah added: 'What's becoming increasingly clear is that consumer sentiment and spending patterns are no longer neatly aligned.' GfK's closely watched consumer confidence index rose to -18 in June from -20 in May, beating forecasts of an unchanged reading. Consumers' assessment of their personal financial situation over the next 12 months remained unchanged at 2 for the month, just barely in positive territory, while their assessment of the UK's economic outlook over the same period improved from -33 to -28. Neil Bellamy, consumer insights director at GfK, cautioned that sentiment could easily deteriorate from here. He said: 'With petrol prices set to rise in the coming weeks following the escalation of the conflict in the Middle East, and with ongoing uncertainty as to the full impact of tariffs, there is still much that could negatively impact consumers.' Thomas Pugh, chief economist at RSM UK, warned tax rises, higher utility bills and more expensive petrol 'will eat into consumers' disposable income', while a cooling labour market will weigh on wage growth and employment throughout the rest of this year. He added: 'However, the outlook is far from dismal. Despite rising inflation and slower wage growth, real incomes will still rise at a reasonable pace this year. 'Household balance sheets are considerably stronger than they have been previously, and lower interest rates will continue to help. What's more, there are good signs that the worst of the labour market pain and tariff uncertainty is already behind us. 'The determinant of spending growth in the second half of the year is likely to be whether consumer confidence continues to rebound and households ease back on their extraordinarily high saving rates.
Time of India
2 hours ago
- Business
- Time of India
Why upskilling in AI and cybersecurity is crucial for today's digital-first workforce
From banking and healthcare to retail and logistics, digital transformation has reshaped nearly every sector in the last decade. But with this surge in automation, data storage, and cloud-based services comes an urgent parallel concern: cybersecurity. Organisations today are not just looking to innovate; they're also trying to defend. And that's where professionals with hybrid expertise in artificial intelligence (AI) and cybersecurity are increasingly stepping in. The modern professional, whether from a technical, managerial, or operations background, is no longer expected to oversee workflows. They're now required to understand algorithmic decisions, evaluate risks, and ensure system integrity, all while driving digital value for their organisations. Why AI and cybersecurity matter together Traditionally, AI and cybersecurity were treated as separate domains. But today, they are deeply interlinked. AI is increasingly used to predict and respond to cyber threats in real time, while cybersecurity teams are leveraging machine learning models to detect anomalies, prevent breaches, and secure sensitive data. According to 2023 estimates 1 , the global cybersecurity talent gap is projected to leave 3.5 million positions unfilled by 2025, with most roles requiring at least a foundational knowledge of AI-based tools. Moreover, 87% of business leaders cite skill shortages as a major hurdle in their digital transformation efforts, according to a McKinsey report 2 . The bottom line: having expertise in both AI and cybersecurity isn't just a bonus; it has become a baseline. What professionals should look for in upskilling programmes Given the high demand, there has been a surge in short-term certifications and online courses related to AI and cybersecurity. However, not all are created equal. For working professionals, especially those with at least 2 years of experience, the right programme should meet the following criteria: A curriculum that integrates AI, cybersecurity, and business applications: The course should ideally cover machine learning, big data analytics, threat mitigation, risk management, and AI-based incident response. Real-world learning through industry-led pedagogy: Exposure to live case studies, simulations, and expert-led classes ensures the learning stays relevant and applicable. Recognition from a credible institution: Executive education from reputed institutions adds lasting value to a professional's profile, especially during career transitions or promotions. C apstone projects and immersion modules: These not only test your learning but also enhance networking and peer engagement. A programme aligned to today's industry needs One standout example is the Executive Programme in Artificial Intelligence and Cyber Security for Organisations, offered by IIM Indore, a top-tier Indian B-school ranked #8 by NIRF 2024. The programme is designed for non-technical professionals, engineers, IT managers, and those seeking a domain switch into cybersecurity and AI. With live interactive sessions, a holistic curriculum, and modules that explore everything from generative AI and blockchain to digital forensics and global compliance, the programme balances technical understanding with strategic leadership. The inclusion of a capstone project and on-campus immersion further adds to its credibility and hands-on appeal. Upon completing the programme, participants become eligible to receive a Certificate of Completion from IIM Indore and become part of the Executive Education alumni community. Learn more about the programme here . Preparing for tomorrow's digital leadership In a world where business is increasingly conducted through code, credentials like these aren't just educational checkboxes; they're enablers. As companies seek professionals who can bridge AI's potential with security imperatives, those equipped with the right learning stand out not just as employees but as decision-makers. Now is the time to upskill. Not just to stay relevant, but to lead the transformation securely. Reference/s: 1. 2.
Business Times
10 hours ago
- Business
- Business Times
Turning Singapore into a productivity powerhouse with AI agents
AS GLOBAL trade becomes more fragmented and uncertainties grow in 2025, Singapore is increasingly vulnerable to structural shifts in the global economy. These external pressures, coupled with a tight labour market, present a challenge to Singapore's growth prospects. As the nation celebrates 60 years of remarkable growth and transformation, the focus is on navigating the path ahead. Labour tightness means forgone economic output. A McKinsey manpower market report estimated that gross domestic product in 2023 could have been 0.5 to 1.5 per cent higher in the advanced economies if employers had been able to fill their excess job vacancies. In Singapore, the labour shortage is pronounced, with 164 job vacancies for every 100 jobseekers as at December 2024. The need to drive productivity gains is therefore patently clear. Combining productivity growth with meaningful work However, in addition to productivity, we must also emphasise the long-term creation of good jobs in order to drive growth. In a recent speech, President Tharman Shanmugaratnam urged the audience to think about productivity more broadly, including tapping artificial intelligence (AI), so as to 'maximise our potential to create good jobs for everyone who wishes to be in the workforce'. Those displaced by creative disruption should have opportunities to transition 'not just into flipping burgers, but into new jobs in other sectors', he said. Singaporeans must be engaged in meaningful work that enables them to have fulfilling careers. This includes work they are passionate about and that offers opportunities to stretch themselves and achieve personal growth. For example, an educator's role should be designed to focus on the heart of effective teaching such as developing and adapting lesson plans, 1:1 student interactions and providing individualised support versus administrative tasks such as record-keeping and coordination. Today, desk workers globally report spending a whopping 41 per cent of their time on tasks that are 'low value, repetitive or lack meaningful contribution to their core job functions', according to research by Slack. There is a clear opportunity for AI and automation tools to help refocus energy toward high-value activities. In Singapore, AI adoption could unlock up to S$198.3 billion in economic benefits by 2030. However, it is in solving the twin issues of productivity and meaningful work where digital labour can truly shine. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The digital labour revolution enables AI agents – autonomous software tools that perform specific tasks on behalf of users – to augment the human workforce. It will be key to reshaping the labour landscape in Singapore, driving long-term growth, and creating meaningful work for all Singaporeans. Realising real productivity, beyond co-pilots and virtual assistants AI agents are more than co-pilots. They present a transformative opportunity for Singaporean businesses, offering a digital workforce that can collaborate with humans to streamline operations, boost productivity, reduce costs, drive scalability and foster innovation. Businesses would be able to augment human capabilities with reliable, autonomous AI agents that operate 24/7, significantly enhancing productivity, efficiency, innovation, and competitiveness. In fact, human resource leaders in the Asia-Pacific anticipate a 37 per cent rise in employee productivity and a 25 per cent reduction in labour costs with agentic AI, according to our recent Digital Labour research. With an AI agent as their right-hand man, workers can now look forward to new opportunities for strategic work. In this landscape, re-skilling is key. This includes building not just hard skills in technology and AI, but also doubling down on soft skills such as critical thinking, adaptability and empathy. For businesses operating in a tough macroeconomic environment, AI agents can help drive topline growth and deliver superior customer experience. For example, Singapore Airlines will use AI agents to help streamline its customer service operations and free up human representatives to focus on providing personalised attention to customers. AI agents open up a plethora of opportunities for Singapore small and medium-size enterprises (SMEs) as well. A DBS survey found that 60 per cent of SMEs are looking to expand beyond Singapore in 2025. For these resource-light businesses, AI agents can be the catalyst that can help them make the leap to new markets. For instance, a retailer expanding to new markets can leverage agents to efficiently scale customer service and manage the jump in customer inquiries. Agents can take over time-intensive tasks such as responding to customers, modifying orders, issuing returns and managing inventory without human intervention. Bridging the imagination gap and embracing agentic transformation Truly capturing the transformative power of AI agents demands a deliberate leap beyond incremental improvements. Singaporean business leaders must actively cultivate a visionary mindset, moving beyond simply applying AI to existing workflows. The initial focus on automation risks overlooking the profound reshaping of work and business models that agentic AI enables. Recognising AI agents not just as tools but as a disruptive force is crucial. While agents offer unprecedented scalability, they also present a risk: The rapid displacement of traditional business models by agile newcomers. To counter this, Singaporean enterprises must proactively rewire core processes and functions to forge effective human-agent teams. This strategic reimagining of work, centred on upskilling Singapore's workforce, will be key. By placing human needs – both as employees collaborating with AI and as consumers interacting with AI-driven offerings – at the heart of this evolution, we can unlock truly dynamic and sustainable new business models. Time for decisive action Agentic AI offers Singapore businesses the opportunity to finally break free from the manpower limitations that have plagued them for decades. The next 60 years will be about building resilient businesses, unlocking new productivity frontiers and fostering innovation. AI agents offer a unique pathway to achieve this, creating not just efficiency but meaningful work. Now is the time for decisive action. Business leaders must move beyond incremental adoption and embrace a visionary approach to integrating AI agents into their core operations. Policymakers should continue to proactively foster an environment that encourages innovation while prioritising reskilling and workforce transformation. By collaboratively seizing this agentic opportunity, Singapore can forge a future of sustained economic growth, enhanced competitiveness, and a thriving workforce empowered by the limitless potential of digital labour. The writer is senior vice-president and general manager, Salesforce Asean
Straits Times
12 hours ago
- Business
- Straits Times
More holidays mean travel in style and staying in $1,000 a night hotels
As the luxury category has swelled to encompass both the uber-rich and aspirational splurgers, travel companies have been quick to invest. PHOTO: UNSPLASH When you go on vacation, do you ever treat yourself to an upgraded airline seat? Or book the (admittedly cheapest) room at a five-star hotel? Maybe splurge on a spa day or celebratory Michelin-starred meal? If any of this sounds familiar, you may be what the travel industry calls an 'aspirational' luxury traveller. And much to the industry's potential dismay, you're also inflating an economic bubble that may be about to burst. According to McKinsey, the aspirational set, defined as those with between US$100,000 (S$128,000) and US$1 million in net worth, now accounts for 35 per cent of the global luxury travel market. Join ST's Telegram channel and get the latest breaking news delivered to you.
