FIS, Circle Partner to Offer Stablecoin Transactions to Financial Institutions
The partnership launched after the Senate passed the Genius Act in June, which seeks to regulate the stablecoin industry. The new partnership is part of FIS' strategy to support digital assets and currencies.
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Novo Lifer Takes Job of Reviving Europe's Weight-Loss Superstar
(Bloomberg) — Maziar Mike Doustdar spent more than three decades quietly climbing the ranks of Novo Nordisk A/S, from office clerk through logistics and marketing roles to head of international operations. Now the relatively unknown insider is moving into the spotlight with a daunting task: revive a once high-flying drugmaker from a steep descent that's wiped out two-thirds of its value in the past year. Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival Trump Administration Sues NYC Over Sanctuary City Policy Doustdar has pledged to work quickly, and there were hints on Tuesday that part of his response may involve cutbacks and job reductions. He said he would look at 'realigning the cost base,' though he didn't offer any details. Doustdar's appointment as Novo's new chief executive officer was announced alongside a stark reminder of the challenges ahead, particularly in the US, the biggest market for obesity treatments. The Danish firm, based just north of Copenhagen, cut its earnings outlook as its blockbuster weight-loss drug Wegovy continues to cede ground to archrival Eli Lilly & Co., whose competing treatment has gained momentum in the US market and beyond. The 54-year-old inherits a global powerhouse facing a critical point after being beset with supply shortfalls, drug pipeline failures and sharp competition that's shaken investor confidence in its prospects. Questions have already emerged on whether Doustdar — who has helmed Novo's non-US operations in recent years — is the right leader, given the company's headwinds are particularly linked to the US. He pushed back against any doubts on a call on Tuesday, defending his track record. The US is 'more than half of our business and we don't just sit there running our own area, but we support the CEO,' he said. 'So I've sat in this executive management team for more than 10 years and I know enough of the US business.' The past year has marked a sharp reversal of fortune for Novo, which became a household name for jump-starting the booming obesity drug market with its GLP-1 medicines. But it's failed to keep up with runaway demand and misjudged the speed and scale of competition, including a shadow market of copycat compounds. Mixed trial data and heightened political scrutiny over pricing have further shaken investor confidence. The stock's slump from its June 2024 peak has erased more than $400 billion from Novo, dethroning it as Europe's most valuable company. That ultimately cost its former CEO, Lars Fruergaard Jorgensen, his job in May. After the cut to the outlook, the shares fell almost 30% at one point on Tuesday. They closed down 23%, the biggest one-day drop on record. 'I don't like it,' Doustdar said of the share-price moves. He added that 'setbacks don't define companies. Our response does.' Novo is also hugely important to Denmark. The company has doubled its headcount over the past decade to more than 77,000 people, and just under a half of them work in its home country. In many ways, the drugmaker's influence in Denmark is outsized: for a time last year, its market value topped the size of the economy, its tax bill helps fund the government's increased defense spending and booming drug exports have forced the central bank to keep interest rates low. On Tuesday, Novo Chair Helge Lund described Doustdar as a 'natural challenger,' saying he 'has a bias for speed, for pace and for action.' The new CEO is an Austrian national, who was born in Iran and raised in the US. He joined Novo in 1992 in Vienna. He ran with the idea of speed when speaking to investors on Tuesday. 'We will sharpen our focus and move faster,' Doustdar said. 'We will operate more efficiently. We will advance our pipeline and keep pushing the boundaries of innovation, and we will invest to accelerate growth and deliver shareholder value. That is my promise to you.' —With assistance from Lisa Pham and Christian Wienberg. Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Elon Musk's Empire Is Creaking Under the Strain of Elon Musk ©2025 Bloomberg L.P.
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11 minutes ago
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Roy Cooper raises $3.4M in first 24 hours of Senate run
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Grant Thornton to expand industry-leading advisory practice by joining forces with nearshore pioneer Auxis
Move will accelerate growth for Grant Thornton's full-service advisory practice — and bring Auxis' unique, high-value offerings to new multinational markets CHICAGO & FORT LAUDERDALE, Fla., July 29, 2025--(BUSINESS WIRE)--Grant Thornton, one of the largest brands in professional services, and Auxis, a leader and pioneer in Latin American outsourcing and business modernization services, today announced that they will join forces. By acquiring Auxis, Grant Thornton will enhance its advisory services entity: US-based Grant Thornton Advisors LLC — which provides a range of services centered on strategy, transformation and operations. These include offerings across M&A, technology, finance, operations, sales and marketing, data, AI, cybersecurity and risk. Grant Thornton Advisors LLC also provides a complete slate of tax services. The transaction is another important step as Grant Thornton creates the industry's first full-service advisory offering, amplified by AI and advanced technologies. Clients will have access to Auxis' industry-leading and tech-enabled nearshore-outsourcing services — which span finance, information technology, human resources, customer service and specialized industry solutions. Founded in 1997, Auxis helps organizations modernize and scale their business operations through innovative processes, leading technologies and world-class shared services. It supports Fortune 1000 and upper-middle-market organizations across a range of industries. These include consumer packaged goods, retail, restaurants, healthcare and financial services, among others. Auxis' tailored solutions help organizations harness rapidly advancing technology, navigate rising costs and mitigate talent shortages. It was one of the first providers to recognize the benefits of nearshoring for US companies. As a result, demand for its services has surged. This momentum has reinforced its founding vision: to bring everything Latin America has to offer to the broader business community, from real-time collaboration to cultural alignment to top-tier talent. Its outsourcing services are powered by an AI and automation practice that has garnered many awards. For example, UiPath, the world's number one AI and automation platform, has named Auxis a "Partner of the Year" and an "Agentic Automation Fast Track Partner." Additionally, respected analyst firms such as Everest Group and ISG have recognized Auxis as a top transformation and outsourcing company, citing its unique nearshore-centric delivery model. With Grant Thornton, Auxis will be able to deliver a significantly broader portfolio of services with a truly multinational footprint — empowering clients to leverage the strengths of the top outsourcing destinations across Latin America, Asia, Europe and the Middle East. The transaction will complement the rapid growth of the Grant Thornton Advisors LLC multinational platform. In recent months, Grant Thornton Advisors LLC has announced transactions with several firms to join the platform, including firms in Ireland, the UAE, Switzerland/Lichtenstein, the Netherlands, Luxembourg, the Cayman Islands and the Channel Islands. "Bringing Auxis into the Grant Thornton platform is a milestone moment for us," said Jim Peko, CEO of Grant Thornton Advisors LLC. "Auxis' proven shared services, nearshoring expertise and tech-enabled solutions are a natural fit for our world-class model. This deal allows us to deepen client engagement and enhance our offerings — delivered with speed, scalability and quality." According to Tom Puthiyamadam, managing partner for Advisory Services at Grant Thornton Advisors LLC: "Clients today aren't just asking for advice — they want consultants who can deliver bold solutions with agility, smart technology, practical innovation and quantified impact. That's why we're building something truly unique: a full-service advisory practice powered by AI and grounded in human insight. Bringing Auxis into the fold will strengthen that vision — they have the talent, tools and nearshoring model to help us deliver enhanced value to our clients." The deal with Auxis will further expand the Grant Thornton platform's footprint by adding Auxis' more than 1,400 highly-skilled, multilingual team members primarily located in Costa Rica and Colombia — with headquarters in Fort Lauderdale, Florida. "Joining the Grant Thornton team provides Auxis the scalable and robust platform required to successfully help clients modernize their operating models — helping them thrive in a business environment marked by ever-increasing change and technology disruptions," said Raul Vega, CEO of Auxis. "We are excited to integrate our innovative and tech-enabled, client-first services model into Grant Thornton's leading Advisory Services practice. It could not be a better fit. Grant Thornton's deep client relationships and reputation for excellent quality will enable us to deliver our value-added, technology-backed services to an even broader international clientele." Vega will become a member of the leadership team for Advisory Services at Grant Thornton, reporting to Puthiyamadam. Auxis' existing leadership team will continue to oversee operations for its current client base, ensuring the same high-quality service and trusted relationships, now backed by enhanced scale, resources and innovation. The deal is subject to standard closing conditions. It is expected to close later this year. Baird served as financial adviser to Grant Thornton. Simpson Thacher & Bartlett LLP, Ice Miller LLP and UB Greensfelder served as legal advisers to Grant Thornton. Clearsight Advisors, Inc. served as financial adviser to Auxis. Holland & Knight LLP served as legal advisers to Auxis. About Grant ThorntonGrant Thornton delivers professional services in the US through two specialized entities: Grant Thornton LLP, a licensed, certified public accounting (CPA) firm that provides audit and assurance services ― and Grant Thornton Advisors LLC (not a licensed CPA firm), which exclusively provides non-attest offerings, including tax and advisory services. In January 2025, Grant Thornton Advisors LLC formed a multinational, multidisciplinary platform. The platform offers a premier advisory and tax practice, as well as independent audit practices. With almost 60 offices, the platform delivers a singular client experience that includes enhanced solutions and capabilities, backed by powerful technologies and a roster of almost 13,000 quality-driven professionals enjoying exceptional career-growth opportunities and a distinctive cross-border culture. Grant Thornton is part of the Grant Thornton International Limited network, which provides access to its member firms in more than 150 global markets. Grant Thornton LLP, Grant Thornton Advisors LLC and their respective subsidiaries operate as an alternative practice structure (APS). The APS conforms with applicable laws, regulations and professional standards, including those from the American Institute of Certified Public Accountants. "Grant Thornton" refers to the brand under which the member firms in the Grant Thornton International Ltd (GTIL) network provide services to their clients and/or refers to one or more member firms. Grant Thornton LLP and Grant Thornton Advisors LLC serve as the U.S. member firms of the GTIL network. GTIL and its member firms are not a worldwide partnership and all member firms are separate legal entities. Member firms deliver all services; GTIL does not provide services to clients. About AuxisFounded in 1997, Auxis is a leading consulting and tech-enabled nearshore outsourcing pioneer focused on helping organizations achieve a competitive edge through innovative processes, leading technologies, and world-class shared services. Fortune 1000 and upper-middle-market organizations have relied on Auxis' customized solutions for nearly three decades to obtain real benefits and ROI from their transformation programs. Auxis delivers comprehensive solutions to modernize and scale business operations across Finance, IT, Cybersecurity, HR, Customer Service, and industry-specific functions including Revenue Cycle Management in Healthcare, Loan Processing, and Restaurant Store Audits. Our nearshore delivery platform is supported by robust Digital Transformation capabilities spanning Intelligent Automation & RPA, AI, Agentic, Analytics, and Cloud. Auxis is headquartered in Fort Lauderdale, Florida, with main delivery centers in Costa Rica and Colombia, and supporting hubs in Mexico, and Guatemala. View source version on Contacts Grant Thornton US Jon RucketT: +1 404 984 6249E: Auxis Fabiana CorredorT: +1-305-761-6782E: Sign in to access your portfolio
