International News

Bloomberg Chinese drugmakers jumped on Monday after a local news report that a centralised drug procurement plan that is hurting drugmakers’ profit will be expanded nationwide — but on milder terms than expected. The bulk buying programme for generic drugs, which had its pilot in 11 cities last December, will be rolled out across the country with gentler rules, according ...

Bloomberg Gilead Sciences Inc agreed to pay $5.1 billion to raise its stake in Belgian biotechnology company Galapagos NV to deepen its research into inflammatory diseases and other disorders. The deal is the largest Gilead has executed since new Chief Executive Officer Dan O’Day took the reins in March as he attempts to bolster the San Francisco giant’s drug pipeline. ...

Bloomberg Finding a letter from the Church of England in his e-mail inbox was surprising enough for Vladimir Zaluzhsky, who’s in charge of investor relations at Russia’s second most valuable steelmaker. Even stranger was the demand to know what risks Severstal PJSC’s operations pose to the environment. The church’s pension board wanted details on how Severstal disposes of waste at ...

Bloomberg A UK parliamentary committee called on the government to publish a delayed review into the role of Huawei Technologies Ltd by the end of August, saying there could be reasons to ban the Chinese company from Britain’s phone networks. The Science and Technology Committee decided there was no technical reason to ban Huawei entirely from the UK’s infrastructure, but ...

Bloomberg Huawei Technologies Co is planning to cut jobs at its US subsidiary as the Chinese technology giant continues to struggle with its American blacklisting, the Wall Street Journal reported, citing unidentified people familiar with the situation. The cuts are expected to affect employees at Futurewei Technologies Inc, a research-and-development subsidiary that employs about 850 people in states including Texas, ...

Bloomberg Samsung Electronics Co has secured emergency supplies of three key materials that Japan had cut off as part of its export restrictions, averting a crisis at the South Korean company’s production lines. Samsung Vice Chairman Lee Jae-yong shared the “outcome” of his Japan trip with the company’s management during a directors’ meeting he hosted, Yonhap reported, citing unidentified people ...

Bloomberg A unit of Porsche Automobil Holding SE will recall 57,200 imported Cayenne and Panamera cars due to faulty transmission components, while a unit of Ferrari NV will recall 200 vehicles due to faulty airbags. The Porsche recall will start from August 26, China’s State Administration for Market Regulation said in a statement. Ferrari’s will start from October 10, the ...

Bloomberg Tiger Global Management has examined at least a dozen deals with Indian startups in recent months, according to multiple people with knowledge of the talks, illustrating global investors’ fierce interest in the country’s technology ecosystem. The ultra-secretive New York-based hedge fund has closed investments in at least half of these startups — nearly all of them in fintech or ...

Bloomberg China is grappling with a slowdown that will see output growth slide to the weakest pace in almost three decades this year, as factors far beyond the trade war with the US weigh on the world’s second-largest economy. Gross domestic product is forecast to grow at 6.2 percent in the second quarter, the slowest in a three-month period since ...

Bloomberg US officials approved a record $5 billion privacy settlement with Facebook Inc to resolve the Cambridge Analytica data scandal, people said, prompting an immediate outcry from lawmakers and privacy advocates who said it didn’t go far enough. Although details of the settlement with the US Federal Trade Commission (FTC) weren’t announced, the fine is steep but far from devastating ...