October, 2021

• 18 October

  UK’s Matt Hancock UN role withdrawn

  

  Bloomberg Former UK Health Secretary Matt Hancock’s appointment to a United Nations special envoy role has been scrapped. “Mr Hancock’s appointment by the UN Economic Commission for Africa is not being taken forward,” UN spokesperson Stephane Dujarric told PassBlue, a news website that specialises in UN coverage, adding “ECA has advised him of the matter.” In an appointment letter to ...

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• 18 October

  Biden backs economic plan with no 10-year guarantees

  

  Bloomberg President Joe Biden said he’d like to see his economic plan address a “whole range of issues,” even if funding for individual provisions must be pared back or timed to expire to keep the legislation’s cost down. “The question is how much of what is important can we get in the legislation,” Biden told reporters in Connecticut, after earlier ...

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• 18 October

  Musk joins VW executive event as ‘surprise guest’

  

  Bloomberg Elon Musk made a surprise appearance at a Volkswagen AG conference, addressing 200 executives of one of his biggest competitors about the German company’s pivot to electric vehicles, his management style, and supply chain and production issues. In a rare move by a corporate titan addressing a competitor, Tesla Inc’s chief executive officer spoke in the video conference at ...

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• 18 October

  Switzerland warns big firms ‘may have to cut power use’

  Bloomberg Switzerland will warn major industrial users they could be forced to save electricity this winter in a bid to avoid large-scale blackouts, NZZ am Sonntag reported. About 30,000 companies that each consume more than 100,000 kilowatt hours per year are being sent a letter from Ostral, the crisis-management organisation for the sector. They could be asked to reduce consumption ...

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• 18 October

  Supply chain chaos, surging costs set to plague Europe’s Q3 profits

  

  Bloomberg Cost pressures, supply-chain chaos and a reopening letdown are set to plague Europe’s third-quarter earnings season, setting investors up for more disappointment than elation. While strong numbers from behemoths like LVMH and SAP SE reassured European stock investors last week, further good news may be needed to keep the rally alive. Rising inflation and a stalling global recovery pose ...

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• 18 October

  Instagram frets about engaging teenagers

  Bloomberg The photo-sharing app Instagram spent time focusing on how to retain and engage teenagers, New York Times reported, citing internal documents. Facebook Inc-owned Instagram was privately worried potentially losing teenage users to other social-media platforms, calling it an “existential threat,” according to a marketing presentation for 2018, the year it reached one billion users, the paper reported . Separately, ...

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• 18 October

  AstraZeneca wins ruling on key patent for diabetes drug

  

  Bloomberg AstraZeneca Plc won a federal court ruling upholding a key patent for its diabetes drug Farxiga, staving off threats from cheaper versions. A trial without a jury in May centered on the validity of a patent that covers Farxiga’s active ingredient, dapagliflozin, its combination with a carrier and methods of treatment. Zydus Cadila conceded infringement before the trial, a ...

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• 18 October

  Stock bulls battle Fed, win with resolve that shocks skeptics

  

  Bloomberg Another time-honoured axiom is being put to the test in the post-pandemic stock market, the one that says don’t fight the Federal Reserve. Last week, anyway, optimism around everything from corporate earnings to Covid-19 counts and seasonal market trends put a muzzle on central bank-obsessed skeptics. The S&P 500 shook off the gloom of the last month to post ...

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• 18 October

  Hong Kong muscles in on Singapore’s China stock futures monopoly

  

  Bloomberg Hong Kong is starting futures contracts that make it easier for international investors to bet on mainland Chinese stocks, intensifying rivalry between the city’s bourse and its Singapore counterpart. Analysts expect that the new product, which launches on Monday, from Hong Kong Exchanges & Clearing Ltd could take several years to gain traction, but that it will ultimately provide ...

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• 17 October

  Saudi stocks lead Mideast gains as oil surpasses $85

  Bloomberg Stocks in the Middle East picked up on the rally across global markets as oil’s gains through $85 a barrel emboldened investors. “GCC markets are taking cues from the positive performance in global equity markets,” said Junaid Ansari, head of investment strategy and research at Kamco Invest. “Moreover, oil is now trading at close to eight-year high levels. This ...

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