Biogen will replace its CEO and largely abandon marketing of its controversial Alzheimer’s drug Aduhelm less than a year after the medication’s launch triggered a backlash from experts, doctors and insurers. CEO Michel Vounatsos will continue to lead the Biogen until a successor is found, the company announced Tuesday. Vounatsos joined the company in 2016…
(Reuters) – Private equity firm KKR & Co Inc said on Tuesday that its first-quarter distributable earnings rose 47% year-on-year, thanks to a surge in asset sales and a rise in revenue from fees it charges investors to manage their money. KKR’s earnings jump came despite financial markets plummeting in February in the wake of…
HONG KONG (AP) — Hong Kong’s economy shrank by 4% compared with a year earlier in the quarter ending in March after the Chinese territory shut restaurants and other businesses to fight a spike in coronavirus infections. Growth plunged from the previous quarter’s 4% expansion, government data showed Tuesday. Exports of goods fell 4.5% from…
COVID-19 vaccine and treatment sales helped Pfizer breeze past Wall Street’s first-quarter expectations, as the drugmaker’s profit grew 61%. The coronavirus vaccine Comirnaty brought in more than $13 billion in sales in the quarter, and the company is still trying to expand the market for the preventive shots. Pfizer leaders said Tuesday they expect to…
NEW YORK (Reuters) – Thomson Reuters Corp on Tuesday reported higher revenues and operating profit in the first quarter and raised its full-year revenue forecast. It reported adjusted earnings of 66 cents per share. It was not immediately clear if that compared directly to analyst forecasts for 62 cents. Total revenues rose 5.5% in the…
ALMATY (Reuters) – Russian retailers Magnit and Lenta are in talks with their suppliers and other parties about importing goods via Kazakhstan, Russia’s southern neighbour and close partner, a Kazakh official was quoted as saying on Tuesday. Rouble volatility and supply chain disruptions have hit the Russian market since President Vladimir Putin sent troops into…
LONDON (Reuters) – Russia looked poised to swerve a looming sovereign default after overdue payments on two of its sovereign Eurobonds were sent to some of its creditors, a source familiar with the situation said on Tuesday. Russia had made what appeared to be a late U-turn to avoid a default on the bonds after…
By Gwladys Fouche OSLO (Reuters) -Norway’s $1.2 trillion sovereign wealth fund, the world’s largest, expects difficult market conditions in the time to come, affected by geopolitical events and inflation, its chief executive said on Tuesday. Inflation, already on the rise before the conflict in Ukraine, has continued to increase, while interest rates are still very…
By Benjamin Kellerman and Alicia Powell NEW YORK (Reuters) – Tesla Inc Chief Executive Elon Musk said on Monday he wants to expand the reach of Twitter beyond the current “niche” until most Americans use the social media platform. Musk has signed a deal to buy Twitter for $44 billion, raising questions among employees and…
By Ron Bousso and Shadia Nasralla LONDON (Reuters) – BP boosted its share buyback programme after net profit soared to its highest in more than a decade on strong oil and gas trading results, as the energy company took a $24 billion charge after exiting its operations in Russia. Soaring oil and gas prices in…
