The Traderszone Network

The Republican front-runner says high corporate tax rates are the real villain.

Valeant Pharmaceuticals International Inc sought to reassure doctors on Monday that the company’s decision to cut ties to a controversial specialty pharmacy would not disrupt doctors’ ability to prescribe the company’s drugs to patients. In a letter to healthcare professionals seen by Reuters, Chief Executive Michael Pearson said that Valeant would pay for the cost of its products through Nov. 8 and make sure patients could fill their prescriptions with no out-of-pocket expenses, wherever possible.

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The U.S. economy is on track to grow 1.9 percent in the fourth quarter with expected weaker consumer spending and equipment investment growth following a private report on U.S. manufacturing in October, the Atlanta Federal Reserve’s GDPNow forecast model showed on Monday. This was slower than the regional Fed’s prior estimate of 2.5 percent rate on Friday, the Atlanta Fed said on its website. The model downgraded its outlook on fourth-quarter real consumer spending growth to 2.4 percent from 2.9 percent and on real equipment investment growth to 1.3 percent from 3.9 percent.

Volkswagen used devices to cheat air pollution tests in diesel luxury vehicles, U.S. environmental regulators said on Monday, in a new blow to the automaker already reeling from similar allegations regarding millions of smaller diesel engines. The U.S. Environmental Protection Agency said it is now looking at 3.0-liter V6 diesel engines used mostly in larger, more expensive models like the Porsche Cayenne sport utility vehicle in addition to engines on Jettas, Passats and other mass-market models whose test-deceiving software were initially targeted by the agency in mid-September.

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Calgary-based TransCanada sent a letter to the U.S. State Department to suspend its application while the company goes through a state review process in Nebraska. “We are asking State (Department) to pause its review of Keystone XL based on the fact that we have applied to the Nebraska Public Service Commission for approval of its preferred route in the state,” TransCanada Chief Executive Russ Girling said in a statement.

A lawyer for Morgan Stanley (MS.N) struck back sharply on Monday against an insider trading lawsuit brought by a Russian billionaire’s company, telling jurors it was “one of the craziest, most made-up cases” ever brought. Attorney Jonathan Polkes’ fiery tone on the first day of trial in Manhattan federal court followed a more subdued opening by Aaron Marks for plaintiff Veleron BV, a Dutch company owned by Oleg Deripaska, owner of industrial group Basic Element. The case arises from Deripaska’s 2007 investment, through Veleron, in Canadian auto parts maker Magna International.

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