French pharma giant Sanofi paid $300 million to buy 16 percent of Orano Med, a rising player in radiopharma, the emerging science of using nuclear isotopes to kill cancer tumors.
Category: TRENDS ON THE GLOBAL ECONOMIC FRONT – Oct 22 2024
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SPOTLIGHT: CHINA’S ECONOMIC STRUGGLE
China’s economy expanded at an annual rate of 4.6 percent in the third quarter, according to government figures, ticking down from the previous quarter’s 4.7 percent and far short of Beijing’s 5-percent growth target for this year.
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TOP TREND 2024, EV GO FU: LUCID SEEKS CASH, WILL SELL ANOTHER 262.4 MILLION SHARES
Electric vehicle maker Lucid Motors announced a plan to raise more than $750 million by selling another 262.4 million shares of common stock.
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NESTLE CUTS 2024 OUTLOOK, REALIGNS STRUCTURE
Sales for Swiss-based Nestlé, one of the world’s largest packaged foods conglomerates, will grow about 2 percent this fiscal year, not the 3 percent it had forecast as recently as July. Sales grew a meager 1.3 percent in the third quarter.
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STELLANTIS DELIVERED 20 PERCENT FEWER VEHICLES IN THIRD QUARTER
Stellantis, maker of Jeep, Ram, Fiat, and a dozen other vehicle brands, shipped 1.15 million units in the third quarter, down from 1.43 million a year earlier.
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LUXURY INDUSTRY STILL PAYING THE PRICE FOR CHINA’S WEAKNESS
On 16 October, LVMH, the world’s largest luxury conglomerate, reported third-quarter sales fell 3 percent below last year’s during the same period, landing at €19.08 billion.
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BREXIT WIPED OUT 40,000 FINANCE JOBS IN LONDON, MAYOR SAYS
When England and Scotland left the European Union (EU), the city of London lost 40,000 finance jobs, Michael Mainelli told Reuters in an interview.
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CANADA’S ECONOMY STUMBLES IN THIRD QUARTER
Despite a growing population and three interest rate cuts by the central bank, Canada’s economy eked out only a 1-percent expansion in the third quarter, according to initial calculations among economists polled by The Wall Street Journal.
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ECB CUTS KEY RATE ANOTHER QUARTER POINT
On 17 October, the European Central Bank (ECB) cut its key interest rate by a quarter point, the same as it did in June and September, bringing the rate to 3.25 percent.
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GOING OUT OF BUSINESS TRENDS
The economic landscape has presented an array of challenges that have profoundly affected the business community. Some of the most significant challenges include soaring inflation rates, escalating interest rates, increased minimum wage, looming fears of a recession, and a tangible decrease in revenues for many sectors…