Business

BLOOMBERG Novartis AG is kicking off the sale of some ophthalmology assets, people with knowledge of the matter said, as it seeks to prune its portfolio and focus on growth areas. The Swiss pharmaceuticals group is working with an adviser to gauge interest in the so-called front-of-eye treatments, the people said. The portfolio includes Xiidra, a drug used to treat ...

BLOOMBERG Wheat fluctuated as Russia and Ukraine gave conflicting signals on whether a key grain-export deal had been extended. Wheat futures traded in Chicago fell 0.8%, after earlier gaining as much as 0.6%. Traders are watching to see whether the Black Sea Grain Initiative, which allows Ukraine to export crops from three ports, will be renewed when it expires. A ...

BLOOMBERG The UK labour market showed some signs of cooling as wage growth slowed for the first time in more than a year. Average earnings growth excluding bonuses fell to 6.5% from a year earlier, the Office for National Statistics (ONS) said. That’s down from a record outside the pandemic of 6.7% in the previous three-month period. Job vacancies fell ...

BLOOMBERG Thai Union Group Pcl, one of the world’s biggest makers of canned tuna, is considering an exit from its loss-making Red Lobster unit less than three years after boosting its stake in the US restaurant chain. The first half of this year will be crucial in demonstrating whether management changes and an operational overhaul can trim losses at the ...

BLOOMBERG The global palm oil market is expected to tighten this year as floods and older trees constrain production in the world’s second-biggest supplier, according to a major Malaysian growers group. Indonesia and Malaysia may only see a marginal increase in output this year of less than 3%, respectively, Joseph Tek, the chief executive of the Malaysian Palm Oil Association, ...

BLOOMBERG FWD Group Holdings Ltd, the pan-Asian insurance company owned by Hong Kong billionaire Richard Li, has filed for a third time for an initial public offering (IPO) in the financial hub. The company resubmitted listing documents with updated financial data, confirming an earlier Bloomberg News report, after its September application lapsed. The insurer is still seeking to raise about ...

BLOOMBERG Consumer spending in China has picked up rapidly in recent weeks, especially on eating out and travel, giving a boost to an economic recovery that’s become increasingly reliant on local demand. High-frequency indicators of spending in some sectors have shown double-digit growth from a year ago, while leading travel companies and retailers have reported a strong increase in sales ...

CAIRO / WAM Egyptian exports to China rose by 20.8% to $1.7 billion in the first 11 months of 2022, up from $1.4 billion in the same period in 2021, according to a statement released by Egypt’s Central Agency for Public Mobilisation and Statistics (Capmas). The trade exchange between Egypt and China increased by 2.6% during the first 11 months ...

BLOOMBERG Chancellor of the Exchequer Jeremy Hunt will hand business a three-year tax break worth about £11 billion by replacing the UK’s most generous ever investment allowance with a temporary measure in next week’s budget, according a government official with knowledge of the matter. Corporation tax rises from 19% to 25% in April, when the so-called super-deduction also expires, a ...

BLOOMBERG Before this year, Dan Boardman-Weston hadn’t bought UK government bonds in more than a decade. Now yields close to 4% are putting short-dated gilts on his radar. New investors like Boardman-Weston, who runs BRI Wealth Management, are a boon for Chancellor Jeremy Hunt. He’s expected to focus the UK government’s bond sales on closer maturities when he unveils the ...