The weekly news round-up starts this week with Healthcare.
Last night, the house passed a measure to repeal and replace Obamacare. A close call, the measure passed with 217 to 213 votes.
The measure still faces profound uncertainty in the Senate. A handful of Republican senators immediately rejected it, opting to work on a new version of the bill virtually from scratch.
“To the extent that the House solves problems, we might borrow ideas,” said Senator Lamar Alexander of Tennessee, chairman of the Senate health committee. “We can go to conference with the House, or they can pass our bill.”
Even before the vote, several Republican senators expressed reservations about the measure, in particular, one of the most important provisions of the House bill, the roll back of the expansion of Medicaid under the Affordable Care Act.
But changing the House bill to get through the Senate could present new problems. For any repeal measure to become law, the House and the Senate would have to agree.
“Yes, premiums will be coming down; yes, deductibles will be coming down, but very importantly, it’s a great plan,” Mr. Trump boasted on Thursday at the kind of White House Rose Garden victory ceremony.
The House bill would:
- eliminate tax penalties for people who go without health insurance
- roll back state-by-state expansions of Medicaid
- in Medicaid’s place, it offers government-subsidized insurance policies offered exclusively on the Affordable Care Act’s marketplaces
- offer tax credits of $2,000 to $4,000 a year
What is yet to be seen is how this bill will impact digital healthcare.
This week retailers are shaking up their boards.
- Amazon’s Fashion president Cathy Beaudoin left the company after eight years, Business of Fashion reports.
- Etsy announced that board member Josh Silverman has replaced Chad Dickerson as CEO effective immediately.
- Hudson’s Bay Co. announced the departure of CFO Paul Beesley – on July 7th.
Rue21 Inc. and its lenders are in negotiations as the company considers filing for bankruptcy. Last month, the retailer began shuttering about a third of its U.S. store fleet, nearly 400 stores.
On Tuesday, CVS Health Corp. reported first quarter net revenues rose 3% (or $1.3 billion) to $44.5 billion, up from $43.2 billion in the year-ago period, beating analyst expectations, according to Thomson Reuters I/B/E/S data cited by Reuters.
The social giant has begun testing a Facebook Rewards feature in its mobile app, allowing users to scan personalized QR codes to achieve benefits when they purchase items at participating brick-and-mortar stores, TechCrunch first reported.
Security & Enterprise
IBM reportedly sent out a flash alert to customers after a “malicious file” was identified on distributed USB flash drives. The drives were sent to customers as part of an initialization for IBM Storwize V3500, V3700, and V5000 Gen 1 systems. It is not yet known how the “malicious file” made it onto the USBs. Big Blue has offered assistance to customers who already started the initialization process.
For those customers who have not yet started the process and used the USB, IBM recommends “securely destroy the USB flash drive so it cannot be reused.”
Rackspace CEO Taylor Rhodes announced his plans to resign from the company, 6 months after the company went public. In a blog posted Wednesday, Rhodes announced his departure, and that Rackspace President Jeff Cotton will step in as interim CEO while the board searches for a long-term CEO.
Rhodes also detailed his plans to become the CEO of a smaller private company based in another city.
“When you’ve taken your company as far as you can, given your particular strengths and skills, it’s time to let someone else with different strengths step up and take it further,” wrote Rhodes.
The India-based IT services company, Infosys, announced this week that it plans to open the first of the four tech centers in Indiana this year.
It is predicted that this move will bring more than 10,000 jobs to Americans across the 4 centers.
The House Financial Services Committee has launched a Republican-supported rollback of Obama-era financial regulations, to undo significant parts of the 2010 Dodd-Frank law.
Jay Clayton has been sworn in as chairman of the Securities and Exchange Commission, becoming the Trump administration’s first permanent head of a financial regulatory agency.
Goldman Sachs Group Inc.
A Goldman Sachs Group Inc. fund has agreed to buy a 12% stake in Riverstone Holding LLC, one of the world’s largest energy investment firms for about $500 million.
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