Big Pharma Bankruptcy, Stocks Rise, Italian Tower Collapse?

Just reporting the facts.

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Centrist Chronicle
December 05, 2023

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On Monday, the Supreme Court is set to conduct oral arguments in a notably high-profile bankruptcy case: Harrington v. Purdue Pharma. This case involves a challenge to the U.S. Court of Appeals for the 2nd Circuit's endorsement of a multi-billion-dollar bankruptcy strategy for Purdue Pharma, the pharmaceutical company known for producing the opioid OxyContin.

The plan faces opposition from a division of the Department of Justice, particularly regarding clauses that absolve the Sackler family, the primary owners and recent controllers of the company, from civil responsibility in opioid-related lawsuits. However, the proposal has garnered substantial backing from creditors, local governments, and victims. Supporters view it as the sole avenue for securing compensation and acquiring funds for opioid remediation initiatives from the Sackler family.

On Friday, the S&P 500 reached a record high for the year 2023, continuing the upward trend that began in November and carried into the new month.

The comprehensive market index saw a 0.59% increase, finishing the trading day at 4,594.63. Meanwhile, the Nasdaq Composite, known for its tech-centric focus, experienced a 0.55% rise, reaching 14,305.03. The Dow Jones Industrial Average also saw significant growth, adding 294.61 points, or 0.82%, to end at 36,245.50.

Friday's session witnessed the Dow Jones hitting another record peak for the year, culminating in an impressive overall gain of nearly 9.4% for 2023. This achievement came after the Dow set a new high for the year and concluded its most successful month in over twelve months.

Authorities have taken measures to secure the vicinity of one of the two iconic 12th Century towers in the northern city of Bologna, due to concerns that its tilt might lead to a potential collapse.

On Friday, the city disclosed plans for a 4.3 million euro ($4.7 million) project aimed at reinforcing the Garisenda tower. This tower, along with its counterpart, forms the renowned Two Towers that dominate central Bologna's skyline. These towers have historically served as muses for artists and poets, as well as strategic vantage points in times of conflict. The stabilization efforts are scheduled to take place in January and February.

The civil protection agency of Italy has currently issued a yellow alert for the area, indicating a need for caution but not signifying an immediate threat.