By Sabrina Valle HOUSTON (Reuters) -Exxon Mobil’s <XOM.N> second-quarter profit dropped 56% and fell short of Wall Street expectations, the company said on Friday, joining rivals hurt by the sharp decline in energy prices and lower fuel margins. Profits for global oil majors have dropped by about half from a bumper 2022, when Russia’s invasion…
By Joyce Lee SEOUL (Reuters) -From Intel to Samsung, global chipmakers are celebrating the beginning of the end of a semiconductor supply glut, but the outlook for demand from customers outside the artificial intelligence (AI) industry remains gloomy. All the major markets for chips – smartphones, PCs and data centres – have shrunk this year,…
PARIS (Reuters) – French shipping group CMA CGM expects container freight demand to improve from next year but the group’s profits will continue to ease this year as a slump in freight rates from record highs and a weak economy weigh on results, it said on Friday. The company, privately controlled by the Saade family,…
By Manas Mishra and Bhanvi Satija (Reuters) -Biogen agreed to buy rare disease drugmaker Reata Pharmaceuticals for nearly $6.5 billion, the first large acquisition under new CEO Christopher Viehbacher as he seeks to return the drugmaker to growth. Viehbacher was hired in November to put Biogen back on a growth path after a series of…
(Reuters) – Laurentian Bank of Canada’s shares fell 9% on Friday after a newspaper reported that the Montreal-based bank was struggling to find an acquirer and that Canada’s top banks – Bank of Nova Scotia and Toronto-Dominion Bank – had backed out of the race. Scotiabank, widely considered a potential buyer, made the decision on…
By Yadarisa Shabong (Reuters) -AstraZeneca said on Friday its Alexion unit had agreed to buy U.S. drugmaker Pfizer’s early-stage rare disease gene therapy portfolio for up to $1 billion, plus royalties on sales, as the British drugmaker bets on new genetic therapies. The British company also said Sharon Barr, head of research and development at…
By Mariam Sunny and Leroy Leo (Reuters) -Centene Corp said on Friday it was working to enroll people back into government-backed Medicaid plans after the end of pandemic-relief measures left hundreds of thousands of members without coverage. Medicaid memberships, the largest contributor to Centene’s revenue, were hit by the removal of pandemic-related relief measures on…
By Michael Erman NEW YORK (Reuters) – Injectable versions of some widely-used cancer drugs including Johnson & Johnson’s blockbuster multiple myeloma treatment Darzalex are likely to be excluded from new U.S. government price negotiations for years, drugmakers told Reuters, protecting billions in revenue. Whether the government agrees that adding an ingredient enabling infused drugs to…
By Safiyah Riddle (Reuters) – Diminishing inflation pushed consumer sentiment to the highest in nearly two years, a closely watched survey showed on Friday. The University of Michigan’s final index of consumer sentiment came in at 71.6 in July, down slightly from a preliminary reading but up from 64.4 last month and the highest since…
By Luana Maria Benedito and Marcela Ayres SAO PAULO (Reuters) – Brazil’s central bank is poised for its first interest rate cut in three years on Wednesday, with most economists anticipating a small reduction despite government calls for more aggressive action as inflation cools and economic activity loses steam. After pushing the benchmark rate 1,175…
