Hurricane Idalia: Tropical storm Idalia strengthened into a hurricane today and is moving toward the Gulf Coast of Florida where it is expected to come ashore tomorrow. The National Weather Service said today that the storm is likely to become a lot stronger than originally forecast and reach category three hurricane status. Florida Gov. Ron DeSantis has left the presidential campaign trail and returned to Florida where he has declared a state of emergency ahead of the storm.
March 4 trial date for Trump: Donald Trump has called Federal Judge Tanya Chutkan a Trump hater following her decision yesterday to set the start of his federal criminal trial on charges of trying to overturn the 2020 election and seize power for March 4. During yesterday’s hearing, Chutkan said that the start date would give Trump’s attorneys plenty of time to prepare despite their claim that the March 4 date would deprive Trump of adequate legal representation. They wanted the trial to start in 2026.
 Meadows testifies: Trump’s White House Chief of Staff Mark Meadows testified for about five hours in a court hearing yesterday during which his attorneys hoped to convince a federal judge to move the case brought against Meadows in Fulton County, Georgia, to a federal court in Washington. Meadows testified that anything he may have done in the plot to change the results of the 2020 presidential election in Georgia was part of his official White House duties. He claimed he was just doing what he had to do to serve his boss, Donald Trump. Meadows claims that he is immune from state criminal charges because he was a federal employee at the time of the alleged criminality.
$6B 3M settlement: 3M today announced an agreement to resolve the Combat Arms Earplug litigation against Aearo Technologies and 3M. U.S. military veterans claimed to have had their hearing damaged when they used 3M’s earplugs, which they claimed did not provide adequate hearing protection. Under the agreement, 3M will pay a total of $6.0 billion between 2023 and 2029, which is to consist of $5 billion in cash and $1 billion in 3M common stock. 3M said the agreement is not an admission of liability and that the earplugs are safe and effective when used properly.
Drug price negotiations: The Biden Administration today announced the names of the first 10 drugs for which Medicare is negotiating lower prices. The drugs account for about 20% of drug claims paid by Medicare, totaling more than $50 billion a year. The negotiated prices would go into effect in 2026. The drugs are Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, Stelara, and certain insulins made by Novo Nordisk.
Gas price protests: Protests broke out in Colombia yesterday over the increasing price of gasoline. It now sells for $3.40 a gallon, up from $2.50 a year ago. The Colombian government had been keeping the gas price down by subsidizing the retail cost. The government has cut back its subsidies, allowing the prices paid at the pump to go up. The protesters in cars and on motorbikes shut down traffic in many Colombian cities.
