U.S. biotech giant Amgen has bought Horizon Therapeutics, a maker of drugs that treat rare autoimmune and inflammatory illnesses, for $28.3 billion, Amgen’s priciest purchase to date.
Category: TRENDS ON THE GLOBAL ECONOMIC FRONT – Dec 20 2022
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SPOTLIGHT: INTEREST RATES RISING AROUND THE WORLD
The U.S. Federal Reserve raised its key federal funds interest rate by a half-point last week, meeting our prediction and analysts’ expectations and lifting the rate to between 4.25 and 4.5 percent, its highest since December 2007.
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SPOTLIGHT ON CHINA
In November, retail sales in China fell 5.9 percent year over year as anti-COVID lockdowns persisted, industrial production shrank when orders from foreign buyers dwindled, and business investment slowed.
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TURKEY: ERDOGAN’S “NEW ECONOMIC MODEL” WORKS – SORT OF
As inflation crashed Turkey’s economy over the past year and shredded the value of its lira currency, president Recep Erdogan insisted the country was pioneering a “new economic model” in which rock-bottom interest rates and a near-worthless currency would create an economic boom driven by exports.
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TOP TREND, NEW WORLD DISORDER: BRITAIN’S CRISIS
The way the mainstream media reported Britain’s consumer prices rising 10.7 percent year over year in November, down slightly from the 11.1 percent pace in October, which set a 41-year record... It was good news that inflation was easing!
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ECB NOW SEES EUROPE’S INFLATION AS MORE PERSISTENT THAN IN U.S.
As we reported back in May 2021, as prices began to rise, Christine Lagarde, president of the European Central Bank, waved away critics’ concerns, saying that inflation in the Eurozone was only temporary and less of a danger than it was in the U.S.
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TOP TREND 2022, DRAGFLATION: EUROPE’S FACTORY PRODUCTION SLUMPS IN OCTOBER
Industrial production in the 19-country Eurozone moved down 2 percent in October from September, a contraction 25 percent greater than expected by economists Reuters had polled, ending several months during which factory output across the zone remained relatively steady.
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
This is week 21 of our report of job losses, and with each passing week, the losses grow larger.