September 2010 Current Events: Business News
Here are the key events in business and science news for the month of September 2010.
- Allergan, Botox Maker, Settles Lawsuit (Sept. 1): The maker of Botox, Allergan, settles a lawsuit with the Justice Department for $600 million on charges of selling the drug for unapproved uses. Botox is approved for the treatment of several medical conditions, such as excessive underarm sweating, but is best known as an injectable wrinkle filler. The government claims in the lawsuit that Allergan was marketing an off-label use of the drug: the treatment of migraines. The F.D.A.'s approval of the use of Botox for treating migraines is pending.
- Unemployment Rate Rises to 9.6%, Losing 54,000 Jobs (Sept. 3) The U.S. economy lost 54,000 jobs in the month of August, bringing the unemployment rate up to 9.6%. However, the number of jobs lost is fewer than previously estimated, easing economists' fears that the United States could enter into a double-dip recession.
- International Bank Regulators Agree to New Rules (Sept. 12): Top bank regulators around the world agree to a new set of rules to protect the global investment industry. Among the new regulations, banks must increase the capital they hold in reserve, to three times the current requirement. They must hold 7 percent equity instead of the 2 percent now required.
- Southwest Airlines Buys AirTran (Sept. 27): Southwest Airlines, the biggest low-cost carrier in the U.S. buys AiTran Airways for $1.4 billion. AirTran, though a smaller airline, is a competitor in the discount air travel business. In the last few years, several other airlines have merged; Delta purchased Northwest in 2008, and United and Continental combined just this year.