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BUFFALO, N.Y. (WKBW) — The U.S. International Development Finance Corporation says a deal Eastman Kodak landed to bolster US-produced drug supply is now on hold due to "recent allegations of wrongdoing."It was announced July 28 that Kodak would receive a 5 million federal loan to aid the U.S. in reducing its reliance on other countries for ingredients used in generic drugs.“We must never be reliant on a foreign nation for America’s medical or other needs,” President Donald Trump said at the White House.Kodak's stock price surged prior to the announcement being made, which led to questions of the possibility of insider trading.The Wall Street Journal is reporting the SEC has opened a probe.In a tweet Friday, the DFC released a statement saying in part that it will not proceed further until the allegations of wrongdoing are cleared. 853

California's Camp Fire didn't just kill dozens of people and destroy thousands of homes. It also left an insurance company in financial ruins, unable to pay millions of dollars to policyholders.A state judge ruled that Merced Property & Casualty Co. can't meet its obligations after last month's Camp Fire, the deadliest and most destructive wildfire in California history.Merced's assets are about million, but it faced about million in outstanding liabilities just in the city of Paradise, court filings show.Judge Brian McCabe's decision allows the California Department of Insurance to take control of Merced. According to court documents, the state's Conservation & Liquidation Office will start liquidating what's left of the company.Photos: Wildfires devastation in CaliforniaUnlike with bankruptcy, where a business or individual can start over, liquidation means there is no hope for a company's recovery.Fortunately for Merced's policyholders, they are covered by the California Insurance Guarantee Association, which "protects resident claimants in the event of an insurance company insolvency."But the association has maximum benefit limitations, according to Merced."If it ends up that you have a claim in excess of CIGA's limits," the company said, "the excess will be a claim against the assets of Merced." 1337

Cheaper, quicker, and easier. One COVID-19 testing rolling out in the fall looks to achieve all three and maybe even one day mail the tests straight to your home.“Involves just a nasal swab so not a nasopharyngeal swab, just around the rim of the inside of the nose rather than tickling the brain,” said Dr. Joseph Petrosino.The test costs and lets you know if you’ve got the coronavirus within 15 minutes.So far it’s reporting an accuracy rate in clinical labs of 97%.Dr. Petrosino, a molecular virologist with Baylor College of Medicine, took an independent look at the Binax Now ABBOT Rapid test rolling out in October.He says they’re reliable, easy to use, and less vulnerable to supply chain interruptions.“The test is just made out of cardboard and paper, it doesn’t rely on a lot of supply chain plastics or other needs that could potentially hold things up,” said Dr. Petrosino.However, antigen tests like these have been found to produce more false negatives than lab-based tests.Dr. Petrosino says the key is the affordability that would allow large numbers of people at schools and businesses to get tested more frequently, isolating potential outbreaks.“What’ll happen is you’ll have a band that appears if you’re positive as well as a band that relates to whether or not the test worked itself,” said Dr. Petrosino.There’s also a free app that works in conjunction with the test.It allows people to display their results in places where negative tests may eventually be needed for entry, such as schools, workplaces, or large events.Last week, President Donald Trump said the federal government will buy 150 million of the tests to distribute across the country.Fifty million are expected to be available to purchase in October, but folks interested will need to get them at a medical clinic, at least for now.“Currently, you can’t get this test directly, but in the future, you may be able to,” said Dr. Petrosino.This story was first published by Cameron Polom at KNXV in Phoenix, Arizona. 2015

Casper has mastered how to sell mattresses in a box online. Now the company will test its strength at the store.CEO Philip Krim said Casper will open 200 stores across the country in the next three years. The Wall Street Journal first reported the company's plans."It will give us a footprint to help educate consumers," he said in an interview.The announcement is a clear signal that Casper, an online startup that launched in 2014, believes a physical presence is still a crucial part of retail.Casper has recently rolled out 19 pop-up stores in markets like New York and San Francisco, and Krim said they are beating expectations, convincing the company to expand deeper."The presence of physical stores increases both offline as well as online sales," said Barbara Kahn, a marketing professor at Wharton.A permanent store footing will help Casper build loyalty with current customers, gain exposure among new shoppers, and increase impulse buys that can only come from browsing physical locations, she said.In addition, people usually want to try out mattresses and bedding before they make a final purchase, and stores will give Casper another way to appeal to them.The plan marks a new front for Casper, which broke into an industry controlled by brick-and-mortar retailers like Mattress Firm and Sleepy's.Casper distinguished itself by pricing the only mattress it sold at the time below its competitors, as well as offering free delivery and a 100-day trial period at home."Consumers have long gone into traditional mattress stores feeling uninformed and have been subject to ridiculous price points," said Bob Phibbs, CEO of the consultancy Retail Doctor.Casper offers just three varieties of mattresses, which gives it an advantage over rival mattress stores that offer a confusing array of soft, firm, foam, springy, and everything in between, Phibbs noted.Casper gained attention online with customers posting videos of themselves unboxing mattresses on social media, racking up 0 million in sales during its first full year.As it continued selling direct-to-consumer online, moving into bed frames, sheets, pillows, and dog mattresses, Casper partnered with retailers like Nordstrom, Target, and West Elm to increase distribution.Stores will help Casper stand out in a crowded mattress environment. Digital rivals such as Purple, Leesa, Tuft & Needle, and Yogabed have cropped up, while legacy retailers have taken a page from Casper, introducing delivery in a box."By opening stores, they are upping the ante to compete, and less well-funded competitors may be at a disadvantage," said Kahn.Amazon has also become a huge mattress player, increasing its sales in 2017 by 82% from the prior year, estimated research firm One Click Retail. Casper is only one of dozens of mattress brands Amazon sells.As Casper moves into brick-and-mortar territory, Mattress Firm is retrenching. Mattress Firm has closed 200 stores in 2018, according to Coresight Research, a retail think tank.Reuters reported this week that it was weighing a bankruptcy filing to close some of its 3,000 stores that were losing money.The company declined comment through a spokesperson.Casper is playing a different game than Mattress Firm, though.Online retailers like Casper and Warby Parker want stores to help it achieve scale advantages, while legacy retailers are trying to escape malls and invest in delivery and supply chains to survive online, said Jefferies analyst Randal Konik. 3489

Buoyed by Pfizer's promising update on a potential COVID-19 vaccine and Saturday's presidential election call, U.S. markets skyrocketed on Monday morning as investors eyed the light at the end of the pandemic tunnel.The Dow Jones Industrial Average jumped more than 1,300 points in the moments after trading opened, an increase of about 5%. The NASDAQ saw an increase of about 150 points, or about 1%, while the S&P 500 jumped 120 points or about 3%.The Dow closed Monday at 29,157, which is up nearly 3% from Friday's close. The Dow has almost made a full recovery from its February 12 high point of 29,551. The jump came hours after Pfizer announced that is COVID-19 vaccine candidate has been 90% effective so far in promoting protection against the virus in Phase 3 trials. While the announcement does not mean a vaccine is imminent — in fact, it could be more than six months before most Americans will have a chance to get the vaccine — it does mean Pfizer is on track to apply for Emergency Usa Authorization in the coming months.Pfizer's stock exploded in early trading Monday, jumping about 3 points or an increase of 8%.Monday continues what has been a roller coaster 2020 for American markets. After the pandemic led to historic drops in February and March, markets have rallied in recent months and erased most of those losses. Monday's gains have so fae wiped out loses from October, which were caused by Congress' decision not to pursue more COVID-19 stimulus before the end of the current legislative term. 1533

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