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Business Recorder
16 minutes ago
- Business Recorder
US Fed opens policy meeting, set to hold rates steady
WASHINGTON: The US Federal Reserve opened its two-day policy meeting Tuesday, with the central bank widely expected to hold off on further interest rate cuts despite fierce political pressure from President Donald Trump to slash levels. Fed policymakers have kept the benchmark lending rate unchanged since their last rate reduction in December, as officials wait for clarity on how Trump's tariffs are impacting the world's biggest economy. Their patient approach has riled the president, who has chastised Fed Chair Jerome Powell on multiple occasions, calling him a 'numbskull' and a 'moron.' On Tuesday, the Fed said in a statement that its policy meeting started at 9:00 am US Eastern time (1300 GMT) as scheduled. Fed poised to hold off on rate cuts, defying Trump pressure The case for holding interest rates steady at a range between 4.25 percent and 4.50 percent this week has been made by several Fed speakers, said JP Morgan chief US economist Michael Feroli in a recent note. Inflation remains above the Fed's longer-term target of two percent, risks still persist and the labor market is near full employment, he added. The Fed has signalled it is waiting on the effects of Trump's sweeping tariffs on allies and competitors alike to begin to show up in economic data. As the central bank mulls changes to monetary policy, officials are seeking a balance between price stability and maximum employment. Analysts are expecting to see some dissent from Fed policymakers at the end of their meeting Wednesday, given that a couple of officials have signaled openness to rate cuts as soon as in July. 'It will be interesting to watch whether Powell alludes to some potential policy easing before year-end' or if he avoids explicit forward guidance given differences among the Fed's rate-setting committee, said EY chief economist Gregory Daco. 'With no imminent need to act, and a fractured FOMC facing asymmetric risks, the Fed will likely wait until September to deliver the next 25 basis points rate cut,' Daco added, referring to the Federal Open Market Committee. The Fed said Governor Adriana Kugler would not be attending the meeting 'due to a personal matter.'
Reuters
17 minutes ago
- Reuters
AstraZeneca seeks US drug price cuts amid expansion plans, strong demand
July 29 (Reuters) - AstraZeneca (AZN.L), opens new tab has proposed price cuts to its drugs in the United States, its CEO said on Tuesday, days after unveiling a $50 billion investment to expand there, as President Donald Trump pressures pharmaceuticals companies to lower costs. Speaking to journalists after second-quarter revenue and profit beat expectations, CEO Pascal Soriot said Trump's administration was reviewing the company's proposals. He did not specify which drugs were included. Trump has repeatedly threatened tariffs as he also pushes drugmakers to reduce prices to what other countries pay. However, he signalled earlier this month that companies would be given a year to 18 months to "get their act together" before any sector-specific levies take effect. "We definitely support the idea of rebalancing with some reduction of pricing levels in the U.S., and some increase, we're not talking about massive increases, in Europe," AstraZeneca's Soriot said. He added he expects all medicines for U.S. patients to be produced locally within a few months, and is also considering selling some medicines to customers directly. AstraZeneca shares rose as much as 3% after its results, but pared some gains to trade up 1.6% by 1214 GMT. "The big uncertainty, unsurprisingly, remains U.S. tariffs and Most Favoured Nation pricing in the pharmaceutical sector. AstraZeneca has looked to get ahead of this uncertainty," said Sheena Berry, a healthcare analyst at Quilter Cheviot. The U.S. accounted for more than 40% of AstraZeneca's revenue in 2024. The UK's largest-listed company by market value had prioritised the U.S. market - the world's largest, worth $635 billion - even before Trump's return to office. AstraZeneca's efforts are paying off as strong U.S. demand, and robust sales of newer cancer, heart and kidney disease medicines drove total revenue for the second quarter 11% higher to $14.46 billion, on a constant currency basis. It logged double-digit growth in the U.S. despite headwinds from changes in U.S. Medicare price negotiations, while sales of cancer drugs including Tagrisso, Lynparza, Calquence, Truqap and Imfinzi beat expectations. Core earnings stood at $2.17 per share. Analysts were expecting $2.16, from $14.15 billion in sales, according to a company-provided consensus. AstraZeneca is betting on a wave of expected launches of 20 new medicines and its U.S. expansion to reach $80 billion in annual revenue by 2030 and offset generic competition. On Tuesday, it maintained its 2025 outlook and increased its interim dividend by 3%. The drugmaker in April forecast only a limited impact from potential U.S. tariffs, adding it would be able to meet its annual outlook if the levies on European imports were similar to those in other industries. A European Union-U.S. trade deal over the weekend will result in a 15% tariff on most goods, including pharmaceuticals, from the region.
Fashion United
20 minutes ago
- Fashion United
EssilorLuxottica stock surges on strong H1 and smart glasses success
EssilorLuxottica's shares experienced a significant surge on the Paris stock exchange on Tuesday, July 29, climbing 6.34 percent by 11 am GMT and emerging as one of the strongest performers on the CAC 40. This impressive rise signals a renewed market confidence, fueled by the company's solid half-year financial results and an ambitious technology strategy, particularly in the realm of connected eyewear. As markets keenly observe the consumer sector's dynamics, the clear resurgence of investor confidence in EssilorLuxottica prompts a closer look. The Franco-Italian group's share price recorded one of the most substantial gains on the CAC 40, propelled by its strong performance and exciting strategic prospects. EssilorLuxottica posts strong H1 results EssilorLuxottica announced on Monday an adjusted operating income that increased by 4.1 percent in the first half of 2025, reaching 2.53 billion euros. This figure, despite a slight impact from an unfavourable dollar, aligned closely with analysts' expectations. Turnover for the period amounted to 14 billion euros, marking a 3.2 percent increase on a reported basis and a robust 7.3 percent at constant exchange rates. This momentum was notably driven by North America, the group's largest market, which saw a 5.5 percent growth. This was further bolstered by the integration of the Supreme brand and the German company Heidelberg Engineering, a specialist in ophthalmological imaging equipment. However, it is predominantly in the technological sphere that EssilorLuxottica has captured widespread attention. The Ray-Ban Meta connected glasses, developed in collaboration with Meta Platforms, saw their turnover more than triple in the first half of 2025. This success, while seemingly surprising at first glance, is no accident, with sales reportedly exceeding two million units since their launch. Ray-Ban smart glasses drive financial performance These innovative models have become bestsellers in 60 percent of Ray-Ban shops across the EMEA zone. Now available in 18 countries, including India, Mexico, and the United Arab Emirates, their appeal lies in their discreet design, accessible price point, and compelling features such as Instagram livestreaming and real-time translation capabilities. According to industry analysis, these glasses already command over 60 percent of global smart glasses sales, a burgeoning market that witnessed a remarkable 210 percent jump in 2024. Francesco Milleri and Paul du Saillant, the group's leaders, encapsulated their vision by stating, "We are transforming glasses into a new computing platform, where artificial intelligence, sensors and healthcare infrastructure converge." EssilorLuxottica has also expanded its product offensive with new models like the Oakley Meta AI glasses and Nuance Audio, now distributed across more than 10,000 points of sale. This strategic push confirms the group's ambition to become a pivotal player in wearable technology, seamlessly blending style, well-being, and digital innovation. Meta's stake in EssilorLuxottica boosys investor confidence Another significant catalyst for this renewed confidence is the strengthened support from Meta, which acquired nearly 3 percent of EssilorLuxottica's capital in early July for an estimated 3 billion euros. This partnership is anticipated to intensify in the coming months, with a potential increase in Meta's stake to 5 percent. Beyond product innovation, this strategic backing solidifies the European group's position against the ambitions of tech giants like Apple and Google in the smart glasses domain. Furthermore, EssilorLuxottica successfully raised one billion euros in bonds in early July, with demand far outstripping supply, signaling robust investor appetite. Concurrently, its employee share ownership plan achieved a record high, with over 97,000 employees subscribing for 190 million euros, thereby strengthening the internal shareholder base. Global dynamic favour eyewear industry This stock market recovery aligns with a favourable global dynamic within the eyewear industry. Kering Eyewear, for instance, also reported strong growth in 2025, driven by the internationalisation of its production and the expansion of its luxury licenses. The convergence of fashion, optical innovation, and eye health is creating new growth drivers for leaders in the sector. The positive trading session on July 29 was also bolstered by a generally optimistic climate across European markets, buoyed by strong corporate results and signs of easing trade tensions between Brussels and Washington. EssilorLuxottica is thus consolidating its leading position at the intersection of fashion, visual health, and technology. This synergy, now validated by concrete results and Meta's strategic support, reinforces investors' confidence in the group's long-term vision.
