By Dietrich Knauth NEW YORK (Reuters) – Vyera Pharmaceuticals, which previously settled price-fixing charges that resulted in founder Martin Shkreli being banned from the pharmaceutical industry, filed for bankruptcy late Tuesday to sell its assets. Vyera said its bankruptcy was the result of declining profits, increased competition for generic drugs, and litigation alleging that Vyera…
By Dominique Vidalon PARIS (Reuters) -Danone, the world’s largest yoghurt-maker, raised its 2023 outlook on Wednesday after it managed to pass on increased costs through price rises and first-quarter sales growth was the fastest in a decade. Danone, which expects prices to peak this year and also anticipates productivity gains, kept its forecast for a…
By Peter Hobson LONDON (Reuters) – The United Arab Emirates has become a key trade hub for Russian gold since Western sanctions over Ukraine cut Russia’s more traditional export routes, Russian customs records show. The records, which contain details of nearly a thousand gold shipments between Feb. 24, 2022 and March 3 this year, reveal…
By Matthias Williams, Mark Trevelyan and Gloria Dickie LONDON (Reuters) – The breach of a huge dam on the front-line Dnipro river has muddied the picture for a much-awaited Ukrainian counteroffensive against Russian invaders and threatens an environmental disaster for civilians living in the war zone. Kyiv and Moscow have blamed each other for the…
COLOMBO, Sri Lanka (AP) — Sri Lanka’s president on Monday proposed to more than double the country’s tax revenue as the island nation struggles to come out from its worst economic crisis. Unsustainable debt, a severe balance of payment crisis on top of lingering scars of the COVID-19 pandemic have led to a severe shortage…
By Ellen Zhang and Ryan Woo BEIJING (Reuters) -China’s factory activity unexpectedly contracted in April as orders fell and poor domestic demand dragged on the sprawling manufacturing sector, a private survey showed on Thursday, imperilling the broader economic outlook for the second quarter. The Caixin/S&P Global manufacturing purchasing managers’ index (PMI) fell to 49.5 in…
WASHINGTON (Reuters) – The U.S. may be nearing a turn lower in inflation, Atlanta Fed president Raphael Bostic said on Wednesday, though he added he is still leaning towards a slightly faster pace of rate increases this year. “I am very hopeful we are going to start to see that decline … There is some…
(Reuters) -Electric vehicle (EV) startup Faraday Future Intelligent Electric on Tuesday said it was raising $100 million in debt as it aims to achieve initial deliveries of its flagship FF 91 Futurist vehicle after a funding crunch led to multiple delays. The company said it will also use the new debt funding to ramp up…
BEIJING (AP) — Asian stock markets tumbled Thursday after the Federal Reserve added to recession fears by saying it wasn’t finished raising U.S. interest rates to cool inflation. Hong Kong’s benchmark lost 3.1%. Shanghai, Seoul and Sydney also followed Wall Street lower after the Fed on Wednesday raised its key rate to the highest level…
By Jyoti Narayan and David French (Reuters) -ONEOK Inc agreed on Sunday to buy U.S. pipeline operator Magellan Midstream Partners in a cash-and-stock deal valued at about $18.8 billion including debt, bringing natural gas-focused ONEOK into transporting refined products and oil. ONEOK will pay $25 and 0.6670 shares of ONEOK common stock for each outstanding…
