Royalty Pharma to pay up to $2 billion to Revolution Medicines for cancer drug
June 24 (Reuters) - Royalty Pharma (RPRX.O), opens new tab said on Tuesday will pay up to $2 billion to Revolution Medicines (RVMD.O), opens new tab to support the companies' plans for global development and commercialization of the experimental cancer drug daraxonrasib.
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Reuters
22 minutes ago
- Reuters
TSX climbs to record high, helped by Middle East ceasefire optimism
June 24 (Reuters) - Canada's main stock index rose to a record high on Tuesday, led by financial and technology shares, as investors cheered a cooling of Middle East tensions and found reassurance in domestic inflation data. The S&P/TSX Composite Index (.GSPTSE), opens new tab ended up 109.26 points, or 0.4%, at 26,718.62, eclipsing the record closing high it posted on June 12. "It's riding on the coattails of what's come out recently in the Middle East," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth. "All of a sudden we went from everything around us was negative, to positive once again. That's how fast things can turn and a good example to why investors can't run and hide, (can't) try and time markets." Wall Street also rallied as investors welcomed a fragile truce with Israel and Iran while parsing Federal Reserve Chair Jerome Powell's congressional testimony for clues regarding the U.S. central bank's path forward. Canada's annual inflation rate in May was unchanged from the previous month, at 1.7%, as a drop in gasoline costs continued to keep the overall index stable while prices of shelter, food and transportation also cooled. "The CPI numbers they weren't anything that I thought anyway to be nervous about," Small said. The heavily weighted financials sector rose 1%, while technology ended 2.5% higher, helped by a gain of 4% for e-commerce company Shopify ( opens new tab. Commodity-linked stocks were a drag. The energy sector (.SPTTEN), opens new tab lost 1.5% as the price of oil settled 6% lower at $64.37 a barrel on expectations that the ceasefire will reduce the risk of oil supply disruptions in the Middle East. Energy producers in Alberta, Canada's top oil-producing province, blew past the province's self-imposed limit on annual natural gas flaring in 2024 for a second year in a row, Reuters calculations show. Safe-haven gold also declined, falling 2.5%. The materials sector, which includes metal mining shares, was down 1.7%.
The Sun
26 minutes ago
- The Sun
White House fuming over top secret leak on Iran nuke site bombing as Don attends key summit
THE White House has lashed out over a leaked intel report that quietly downplays Donald Trump's much-hyped bombing of Iran's nuclear sites. According to a classified Defense Intelligence Agency assessment, Saturday's strikes only set back Tehran's nuclear programme by a few months. 5 5 5 White House press secretary Karoline Leavitt hit back, calling the report leaked to CNN 'flat-out wrong' and a 'clear attempt to demean President Trump'. 'Everyone knows what happens when you drop fourteen 30,000 pound bombs perfectly on their targets: total obliteration,' she said. It comes after Nato's boss gushed over Trump in a private text message, calling his decision to bomb Iran 'extraordinary' and predicting he's heading for another 'big success' at this week's summit. Mark Rutte, the outgoing Dutch PM and new NATO chief, personally congratulated the US president for his strikes on Iran's nuclear programme. He said: 'That was truly extraordinary and something no one else dared to do.' The fawning message, confirmed as authentic by a White House official, reveals just how far NATO leaders are going to stay in Trump's good books — even as a fragile ceasefire between Israel and Iran teeters on collapse. 'You will achieve something NO American president in decades could get done,' Rutte wrote, praising Trump for pushing allies to hike defence spending to 5% of GDP. His message came just hours after Trump appeared to salvage a shaky truce between Iran and Israel with a furious phone call to Benjamin Netanyahu. The US president shouted at reporters: 'They don't know what the f*** they're doing, do you understand that?' before ordering Israel to pull back. Soon after, Israel scaled down its planned strikes on Tehran, opting instead for what local media called a 'symbolic' hit on a radar station. 5 5 The US president landed in the Netherlands on Tuesday evening ahead of a formal dinner hosted by the Dutch royal family. Trump was donning a white USA cap as he got off Air Force One at Schiphol Airport shortly before 7pm UK time. He was later seen arriving at the Huis ten Bosch Palace in The Hague, before being greeted by Dutch King Willem-Alexander and Dutch Queen Maxima. According to Sky News, Trump might be spending the night at the palace as the Dutch monarchs' guest.
Daily Mail
28 minutes ago
- Daily Mail
Families of Surfside victims furious over luxury condo plans
The furious families of the Surfside victims have torn into plans for an ultra-luxury condo tower on the site of the collapsed complex. Ninety-eight people were killed when Champlain Towers South crumbled on the night of June 24, 2021, in Miami, Florida , sending shockwaves across the world. But new plans for a $15million-per-unit apartment block just four years later has sparked rage from loved ones still getting over the tragedy. Families say they have been ignored and shut out of plans for The Delmore, an ultra-luxury high-rise being constructed on Collins Avenue. Dubai-based developer Damac Properties is moving ahead with the mammoth project after purchasing the land for $120million less than one year after the collapse. They are marketing it as part of Miami's 'Billionaires Triangle', and buyers will have a sky pool, Michelin-star dining and over 55,000 sq ft of spa and garden space. What $15M will buy you at The Delmore Designed by world-renowned Zaha Hadid Architects, The Delmore will feature a futuristic twin-tower design with sculptural sand-colored concrete wrapping around floor-to-ceiling glass walls. The towers are split by a dramatic 'flow-through canyon' - and bridged at the top by a 75ft suspended pool, floating 125ft above Collins Avenue. Each of the 37 units will span at least 7,000 s1 ft, with penthouses topping 10,000 sq ft. All residences will be fully furnished, with four and five-bedroom layouts, private elevators, and sweeping views of the Atlantic Ocean. Despite the glitz, Langesfeld says the project's foundation is built on 'pain and profit'. 'There's an ongoing federal investigation,' he said. 'And they still can't say whether this land is even safe. 'I've asked NIST (National Institute of Standards and Technology) point blank. They refuse to confirm it. And yet they're building anyway.' What really caused the Surfside collapse? Federal investigators say they're closing in on what triggered the horror collapse at Champlain Towers South - and all signs point to major structural weaknesses lurking beneath the pool deck. In their latest update on Monday ahead of the fourth anniversary today, the NIST revealed three key failure points that may have set off the chain reaction that killed 98 people in Surfside, Florida. The top suspect is a vertical support beam directly under the pool deck. Investigators believe the concrete slab sitting on top may have suddenly 'punched through' - dropping like a trapdoor and triggering the building's eastern wing to fall like dominoes. Another likely weak spot was where the pool deck connected to a concrete wall, according to NIST. If that joint gave way, it could've caused the slab to buckle and compromise the structure around it. A similar flaw may have existed near the southern edge of the deck - and if that section also pulled away, it might have sparked the same catastrophic collapse, NIST states. According to the report, all, all three areas were decades old, possibly water-damaged, and no longer met modern building standards. NIST says further testing is still underway - but these structural flaws are now the leading suspects in one of the deadliest building failures in U.S. history. Market crash and 'mass exodus' in wake of collapse Compass real estate agent Nick Green, who works in both New York and Miami, says the Surfside tragedy has had a lasting and devastating impact on the Miami condo market - especially in Brickell and other high-rise neighborhoods . 'The current state of the condo market in Miami – it's completely crashed,' Green told Daily Mail. 'About 40 percent of Brickell is for sale right now. Clients who bought a place for a million dollars two years ago are now looking at $800,000, maybe $850,000. You're seeing buildings with 40 units for sale in them. It's pretty bad times.' Green said the aftermath of the collapse triggered sweeping changes to insurance and structural safety laws - changes that have disproportionately impacted older and mid-tier buildings. 'Insurance is higher, the laws changed. Now you have to fund two years of capital for the building upfront,' he explained. 'The super luxe buildings can afford that, but older ones are really getting hit. Some can't even get loans.' He described a 'total mass exodus' from older towers, adding: 'Developers are circling like sharks trying to get things cheap. But the actual owners just want out. There's so much leverage as a buyer right now.' Buyers are increasingly flocking to new construction to avoid structural uncertainty. 'They don't want to deal with assessments or worry about the building's bones,' Green said. 'They want something fresh and solid.' When it comes to The Delmore, Green said many of his clients won't go near the site. 'Foreign buyers still see it as a good investment. But locals? They won't touch it. They think it's going to be full of ghosts.' Despite working in luxury real estate, Green said he personally believes the site should have been preserved as a tribute. 'Honestly, I wish they had done more to memorialize the victims,' he said. 'Even as a realtor, I'd have rather seen a memorial park than another high-rise. Something like what New York did with the 9/11 memorial.' But for Langesfeld and other grieving families they will attend a remembrance even in Surfside today. 'We still don't have justice. We still don't have answers. And now, we don't even have a memorial,' he said. Pictured: Real estate agent Nick Green. 'If this building collapses again, who will be held accountable?' he asked. 'Because no one was the first time.' When Champlain Towers South collapsed four years ago rescue crews worked for nearly a month to recover and identify the 98 victims. It remains one of the deadliest structural failures in U.S. history. In Monday's release The NIST said the team is finalizing its analysis and has begun drafting its investigation report, which is expected to be completed in 2026. Daily Mail has gone to Damac properties multiple times for comment by phone and email since Friday and is awaiting their response.
