Amgen disputes tax allegations, BP raises dividend after strong quarter, CA declares monkeypox emergency

Notable business headlines include Amgen disputing allegations that it underreported taxes, BP raising its dividend after reporting blowout earnings, and California becoming the latest state to declare a state of emergency over monkeypox.

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JULIE HYMAN: Amgen is fighting back on a very large tax bill. The biotechnology company taking heat from the IRS, which says the company underreported taxable income by nearly $24 billion by attributing US profits to a subsidiary in Puerto Rico. But Amgen says it had the IRS's agreement in how it proportioned out its profit. All of this according to "The Wall Street Journal." The company enjoys a very low tax rate compared to the pharmaceutical industry's median rate. That's according to FactSet. The potential tax bill, by the way, $10.7 billion.

Meanwhile, we're looking across the pond to BP, the British energy giant reporting triple profits. $8.45 billion during its latest quarter, citing strong refining margins and trading. The company raising its dividend payouts to shareholders and accelerating share buybacks. Energy companies overall recording higher profits as prices rise globally, fueled by fears raised by the Russia-Ukraine War and post-pandemic surges in commerce and travel. Those shares up by about 1.7%.

And California the latest to declare a state of emergency over the monkeypox outbreak. That move follows earlier declarations in Illinois on Monday and New York on Friday. The US currently has nearly 6,000 cases of the disease, according to the CDC, with vaccines in short supply. Monkeypox is spread primarily through skin contact, but it can also be spread through infected bedding or clothing. It's rarely fatal, though, according to various healthcare sources.