INDIANAPOLIS (WISH) — Here is a look at Friday’s business headlines with Jane King.
LILLY TESTING DIABETES DRUG IN CHILDREN WITH OBESITY
Lilly plans to test its diabetes drug Mounjaro for patients six and up with obesity, according to a person familiar with the that spoke to Bloomberg.
The company started recruiting for a trial in kids 12 and up this week.
Novo Nordisk is also testing Saxenda, an older less powerful version of the drugs Ozempic and Wegovy, in kids as young as six.
FORD LAYS OFF 150 MORE EMPLOYEES
Ford says its laid off 150 employees at its Sterling Axle Plant due to the UAW strike at its truck assembly plant in Kentucky.
The automaker announced the additional employees were asked not to come to work this week due to a reduction in car part production. The parts would have normally been shipped to Ford’s factory in Louisville, where they build the F-150 and Lincoln Navigator.
BANKS CUT COMBINED 20,000 POSITIONS SO FAR THIS YEAR
Four of the five largest U.S. banks have cut 20,000 positions this year so far, according to company filings. Key factor driving the cuts is job-hopping in finance slowing drastically from earlier years, leaving banks with more people than they expected.
The banks have also been pressured by the impact of higher interest rates on the mortgage business.
CVS PULLING SOME DECONGESTANTS FROM SHELVES
CVS Health pulling some of the most common decongestants from its shelves. Advisors to the U.S. health regulators recently found that an ingredient, Phenylephrine, doesn’t work.
FDA hasn’t made a decision yet nor asked manufacturers or retailers to remove products from store shelves. CVS is removing Phenylephrine products voluntarily.
Americans, especially Republicans, don’t trust social media companies.
The Pew Research Center says some 77% of Americans have little or no trust that companies will publicly admit mistakes and take responsibility for data misuse.