Shares of Glenmark Pharmaceuticals surged 14% to an all-time high on Friday after its biotechnology unit, Ichnos Glenmark Innovation (IGI), signed a landmark licensing deal with US drugmaker AbbVie for its experimental blood cancer drug, ISB 2001. The agreement, announced late Thursday, marks one of the largest biotechnology licensing deals…
China’s import of Iranian crude oil continued to rise last month as shipments were close to the record highs touched in March, Vortexa said.In June, China’s seaborne crude imports increased by 11% month-over-month and 6% year-over-year, reaching 10.6 million barrels per day, data from the shiptracking agency showed. This rise occurred…
Mark Bristow, CEO of Barrick Mining Corp, reiterated the copper miners’ bullish outlook on the metal’s future in Zambia, where the company is expanding operations, according to a Reuters report. This optimistic view persists despite anticipated short-term price volatility due to a looming 50% US tariff.Trump’s announcementIn a significant policy announcement…
MP stock surged nearly 40% in premarket trading on Thursday after the company announced a major deal with the US Department of Defense.The rally in MP Materials share came as the agreement with the Pentagon aims to rebuild America’s rare earth magnet supply chain, marking a big step toward cutting…
Brazil’s financial markets experienced a shaky opening on Thursday after US President Donald Trump unexpectedly raised new tariffs on Brazilian exports to 50%, compared to the 10% level he had earlier proposed. According to Reuters, the decision reverberated through financial circles, triggering the largest currency tumult in months, as well…
Heatwaves are fueling increased spot LNG purchases in Asia, according to Rystad Energy.Arbitrage opportunities for US-origin liquefied natural gas (LNG) for September delivery to Asia were short-lived, opening on July 4 and 7, but closing again on July 8, Rystad Energy said in its latest update.Due to the current weak…
WK Kellogg Co (NYSE: KLG) soared about 30% on Thursday morning after Italian confectionary giant Ferrero said it will buy the cereal maker for $3.1 billion.Ferrero’s deal values each KLG share at $23, representing about a 40% premium on its previous close. The acquisition marks its latest push into the…
Delta Air Lines Inc (NYSE: DAL) may have delivered a blockbuster earnings report on Thursday – but investors hoping for a smooth ascent in airline stocks should keep their seatbelts fastened.The flagship carrier posted record quarterly revenue of $16.65 billion on $3.27 a share of earnings for its fiscal Q2…
JPMorgan Chase & Co. is evaluating changes to the structure of its widely tracked emerging-market bond benchmark that could reduce the influence of some of the largest sovereign debt issuers, including China and India. According to documents reviewed by Bloomberg, the Wall Street bank has proposed lowering the maximum weight…
Jane Birkin’s famous Hermès bag became the first handbag to be sold above $10 million after it was auctioned at Sotheby’s in Paris.The auction marks a new milestone in the world of fashion as it becomes the most expensive handbag ever sold. Collectors and observers of fashion for days now…