Drug colossus Novartis will pay as much as $3.075 billion to buy out private equity firm Blackstone’s majority share of Anthos Therapeutics.
Category: 18 February 2025
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SPECIAL REPORT: CHINA’S TECH SURGE
China’s tech stocks are surging in price in the wake of start-up DeepSeek’s announcement of its world-class artificial intelligence system developed at a fraction of the costs that Western developers have incurred to create theirs.
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LUXURY GROUP KERING’S SALES DIVE
Kering, the luxury conglomerate that owns 21 luxury brands including Brioni, Cartier, and St. Laurent, posted fourth-quarter sales down 12 percent to €4.4 billion, year on year, sunk by weakness in Gucci, the division that accounts for half of its sales and two-thirds of its profits.
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UNDER TRUMP, CRYPTO IS WORKING ITS WAY INTO MAINSTREAM FINANCE
Now that Donald Trump has vowed to make the U.S. “the crypto capital of the planet” and “a Bitcoin superpower” and has promised a light regulatory touch, mainstream money managers are getting ready to give digital assets the bear hug that crypto’s boosters have been urging.
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MICHELIN MAY EXPAND U.S. FACTORIES, EUROPE IS “NO LONGER ECONOMICAL”
French tire company Michelin is considering expanding its U.S. production facilities so it can make more tires in America and avoid looming tariffs president Donald Trump has threatened to impose on all goods arriving from Europe.
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NESTLÉ’S 2024 SALES GROWTH, WEAKEST IN 25 YEARS, SHOWS SIGNS OF TURNING
Last year, international food conglomerate Nestlé reported overall sales growth of 2.2 percent, the weakest in more than 25 years as cash-strapped consumers switched their purchases to generic or discount alternatives to nationally-advertised brands.
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RUSSIA’S CENTRAL BANK HOLDS INTEREST RATE AT 21 PERCENT
The Bank of Russia kept its interest rate at a record 21 percent for a second consecutive meeting as inflation in January was estimated at 9.9 percent, up from 9.5 percent in December and more than twice the bank’s target rate.
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FRANCE CAN NO LONGER AVOID BUDGET CUTS, GOVERNMENT AUDITOR SAYS
As mounting debt payments are on track to surge in the years ahead, France cannot delay budget cuts, the government’s independent auditor told a press briefing.
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U.K. ECONOMY BARELY GROWS IN FOURTH QUARTER
Britain’s economy eked out a 0.1-percent expansion in 2024’s final three months, official figures show, after flatlining in the previous quarter.
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EUROZONE ECONOMY GROWS IN 2024’S FOURTH QUARTER
The economy of the 20-country Eurozone grew 0.1 percent in 2024’s final three months, the Eurostat statistics agency reported, revising its earlier estimate that the economy had flatlined.