Category: Business

Shares of Sage Therapeutics fell more than 50% Monday after the Food and Drug Administration approved the biotech company’s oral drug zuranolone for postpartum depression, but not for major depressive disorder, a bigger potential market. Shares of Biogen, which jointly developed the treatment with Sage, were up modestly. Who is Sage Therapeutics? Biogen Inc owns more than 10% of Sage Therapeutics, while FMR LLC owns almost 10%. Fidelity Management & Research Co. LLC  owns almost 12% and Wellington Management Co….

Italy has dealt a surprise blow to its banks and sent shock waves across the sector in Europe by setting a one-off 40 percent tax on profits reaped from higher interest rates, after reprimanding lenders for failing to reward deposits. Sharply higher official interest rates have yielded record profits for banks, as the cost of loans has soared while lenders have held off paying more on deposits. Countries such as Spain and Hungary have already imposed windfall taxes on the…

The European Commission (EC) has confirmed that it’s opening an in-depth investigation into Adobe’s proposed $20 billion bid for digital design software rival Figma. The Commission said that the acquisition “may reduce competition in the global markets for the supply of interactive product design software and for digital asset creation tools.” First announced last September, Adobe’s megabucks bid for one of its biggest competitors was always likely to attract scrutiny from regulators around the globe. The U.S. Department of Justice…

As SoftBank prepares to dive deeper into AI investments, the group posted an unexpected consecutive quarterly overall loss, as well as a continued loss in its existing investment business. SoftBank’s Vision Fund 1 and 2 and its Latin American fund together posted a quarterly investment loss of 13 billion yen ($91 million). That is significantly less than the 2,919 billion yen loss a year ago ($20 billion) but cumulatively, the company said that investments across the three funds, as of…

HONG KONG – A number of global investors including Warburg Pincus and Canada Pension Plan Investment Board are opting out of Ant Group’s proposed share buyback after the Chinese fintech’s valuation was slashed by more than 70 per cent, according to people familiar with the matter. Singapore sovereign wealth fund GIC and Carlyle Group are also among top foreign shareholders that are not participating in the buyback, the people said. A few money managers, including Fidelity Investments and T. Rowe…

SINGAPORE – Cryptocurrency firm Blockchain.com has been granted a licence in its South-east Asian headquarters of Singapore that will allow it to expand its services to global institutional and accredited investors. The company was granted a major payment institution licence from the Monetary Authority of Singapore (MAS) on Aug 1. This comes less than a year after Blockchain.com, a pioneer of key infrastructure for the Bitcoin community, received in-principle approval from MAS, which is relatively quicker than the usual time…

ASIC has banned a Sydney mortgage and finance broker for six years from engaging in credit activities after allegedly making false disclosures and mishandling home loan applications among other offences. The broker, Qingshan Yu, was also banned from controlling a credit business and performing any function in relation to carrying on a credit business while the regulator cancelled the Australian credit licence of Yu’s company, Actif Pty Ltd (Actif). Actif held a credit licence from November 9, 2010, and provided…

SAN FRANCISCO – Moody’s Investors Service lowered the credit rating of 10 small and mid-sized US banks and said it may downgrade major lenders including US Bancorp, Bank of New York Mellon, State Street, and Truist Financial as part of a sweeping look at mounting pressures on the industry. Higher funding costs, potential regulatory capital weaknesses and rising risks tied to commercial real estate (CRE) loans amid weakening demand for office space are among strains prompting the review, Moody’s said…

SINGAPORE – The manager of Lendlease Global Commercial Reit (Lendlease Reit) posted a distribution per unit (DPU) of 2.25 cents for the second half of financial year 2023 ended June, down 8 per cent from 2.45 cents in the corresponding period a year earlier. Distributable income rose 21.6 per cent to $52.2 million, from $42.9 million a year earlier, while gross revenue climbed 65.1 per cent to $103.1 million over the same period. In a bourse filing on Monday, the…

Prosecutors are asking a federal judge to put Sam Bankman-Fried in jail ahead of his trial, which is scheduled to start in October. As he considers their request, the judge has imposed a broad, temporary gag order in the case. There were audible gasps in the courtroom on Wednesday when prosecutors told the judge they were seeking Bankman-Fried’s detention. His defense attorney, Mark S. Cohen, said he was only notified of the ask “one minute before court.” Bankman-Fried has been…

The French-Italian owner of the Ray-Ban and Oakley eyewear brands was sued for allegedly scheming with competitors to inflate prices by as much as 1,000%. Paris-based EssilorLuxottica SA, the world’s largest eyewear company, is the “instigator and primary enforcer” of the price-fixing scheme in the US market, forming illegal agreements with Frames for America Inc. and For Eyes Optical Co., among others, according to the consumer antitrust complaint filed Friday in San Francisco federal court as a proposed class action….

Greta Thunberg was photographed at the European Parliament in Strasbourg last Wednesday smiling broadly while flipping a double-bird – apparently to the opponents of heavily contested new EU environmental legislation known as the “Nature Restoration Law”.  According to the German news site Merkur.de, it was a “winner’s gesture” – if not the most sporting one – because at its Wednesday session, the parliament approved the legislation, with some amendments, by the notably slim margin of 336-300. A prior motion to…

BAGHDAD — Hundreds of protesters attempted to storm Baghdad’s heavily fortified Green Zone, which houses foreign embassies and the seat of Iraq’s government, early Saturday following reports an ultranationalist group burned a copy of the Quran in front of the Iraqi Embassy in Copenhagen. Security forces pushed back protesters, who blocked the Jumhuriya bridge leading to the Green Zone, preventing them from reaching the Danish Embassy. The protest came two days after people angered by the planned burning of the…

U.S. prosecutors have accused FTX founder Sam Bankman-Fried of witness tampering and asked a federal judge to issue an order that would bar the former billionaire and other parties from making public statements likely to interfere with a fair trial. The prosecutors wrote to U.S. District Judge Lewis Kaplan on Thursday referencing a New York Times article titled “Inside the Private Writings of Caroline Ellison, Star Witness in the FTX Case.” The article reported excerpts from Ellison’s personal Google documents…

Fincantieri and Leonardo have signed a 190-million euro ($211.5 million) contract to maintain the Italian Navy’s Cavour aircraft carrier and the Andrea Doria and Caio Duilio Horizon-class destroyers. Work under the agreement will be conducted until 2028 by the Leonardo and Fincantieri joint venture Orizzonte Sistemi Navali (OSN). The companies will sustain the operational condition of each ship to maintain Italian naval capabilities. Italian Navy’s Horizon-class destroyer ITS Andrea Doria. Photo: Mass Communication Specialist 2nd Class Dean M. Cates/US Navy…

Backstory: Epstein continued socializing with A-listers despite conviction – media, New reports on Jeffrey Epstein demonstrate deep-going corruption of US ruling elite The U.S. Virgin Islands government is seeking at least $190 million in penalties from JPMorgan Chase in connection to its banking relationship with sex trafficker Jeffrey Epstein. In a new legal filing on Friday, the USVI’s Attorney General said the territory also wants the financial giant to separately pay damages to victims of Epstein, who killed himself in…