Live news: Intel shares pop as Leixlip cuts confirmed; Ozempic copies restricted in US
Welcome to the Business Post's Live News section. We're here all day to keep you up to date on developments in business, tech and current affairs.
08.00 - Ozempic copies restricted after US judge denies injunction
A US judge on Thursday rejected a bid by compounding pharmacies to keep making copies of Novo Nordisk's popular diabetes and weight-loss drugs Ozempic and Wegovy while a legal challenge over drug shortages unfolds, court records showed.
The decision came in response to a February lawsuit from a compounding industry group against the US Food and Drug Administration's decision that there was no longer a shortage of the medicines' active ingredient, semaglutide.
Compounders copy brand-name medicines that are in short supply by combining, mixing or altering drug ingredients to meet demand.
Reuters has more.
07.50 - Intel shares pop as job cuts confirmed raising fears for Leixlip
Intel, the chipmaker with significant operations in Ireland, gave a weak forecast for the current period and said it's cutting workers to bring costs in line with the business's smaller size.
Its share rose 4.37 per cent in trading on Thursday as it confirmed plans to cut jobs while announcing second-quarter revenue will be between $11.2 billion and $12.4 billion (€10.88 billion). That compares with an average of analysts' estimates of $12.9 billion.
The chipmaker's shares have risen 13.7 per cent this week as the reports first emerged that it planned to cut 20 per cent of its global workforce.
Emma Hanrahan reports.
07.35 - South Korea calls for 'calm, orderly' talks with the US amid hopes of a tariff deal by early July
South Korea has asked for 'calm' and 'orderly' discussions with the U.S. on trade issues, as Asia's fourth largest economy reportedly seeks to work out a deal with the US by July to avoid tariffs.
In the so-called '2+2' talks in Washington, Choi Sang Mok, the South Korean Finance Minister and Ahn Dukgeun, the trade and energy minister met with US treasury secretary Scott Bessent and US trade representative Jamieson Greer on Thursday.
CNBC has more.
07.20 - Asian markets update
Asian markets climbed on Friday and closed higher upon hopes that there may be an easing of the trade war between China and the US.
In Japan, the Nikkei rose 1.9 per cent to close in the green, while Hong Kong's benchmark Hang Seng was up 0.9 per cent when the bell rang.
Bloomberg reported that China is considering waiving its 125 per cent tariff on certain American goods and the country's Shanghai Composite closed the trade 0.35 per cent higher.
Among other key indices, the Kospi climbed 1.1 per cent, while the small cap Kosdaq rose 0.9 per cent, as South Korea reportedly inches closer to striking a trade deal with the US, according to CNBC.
07.10 - Good morning
Good morning from the Business Post. Megan O'Brien here to keep you up to date on all the latest in business and current affairs throughout the day.
Start your morning by catching up on how the sweeping tariffs introduced by US President Donald Trump have begun to take a toll on Irish science and IT jobs.
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China and US resume trade talks in London
Top US and Chinese officials were meeting in London today to try to defuse a high-stakes trade dispute that has widened beyond tit-for-tat tariffs to restrictions over rare earths, threatening to cripple supply chains and slow global growth. Officials from the two superpowers were meeting at the ornate Lancaster House to try to get back on track with a preliminary agreement struck last month in Geneva that had briefly lowered the temperature between Washington and Beijing. Since then the US has accused China of slow-walking on its commitments, particularly around rare earths shipments. US economic adviser Kevin Hassett said that the US team wanted a handshake from China on rare earths after Presidents Donald Trump and Xi Jinping spoke last week. "The purpose of the meeting today is to make sure that they're serious, but to literally get handshakes," Hassett, director of the National Economic Council, told CNBC in an interview. He said the expectation was that immediately after the handshake, export controls would be eased and rare earths released in volume. The talks, which could run into Tuesday, come at a crucial time for both economies, with investors looking for relief from Trump's cascade of tariff orders since his return to the White House in January. China's export growth slowed to a three-month low in May while its factory-gate deflation deepened to its worst level in two years. In the US, the trade war has put a huge dent in businessand household confidence, and first-quarter gross domestic product contracted due to a record surge in imports as Americansfront loaded purchases to beat anticipated price increases. But for now, the impact on inflation has been muted, and the jobs market has remained fairly resilient, though economists expect cracks to become more apparent over the summer. Attending the talks in London will be US TreasurySecretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, and a Chinese contingent helmed by Vice Premier He Lifeng. The inclusion of Lutnick, whose agency oversees export controls for the US, is one indication of how central rareearths have become. China holds a near-monopoly on rare earth magnets, a crucial component in electric vehicle motors. Lutnick did not attend the Geneva talks at which the countries struck a 90-day deal to roll back some of the triple-digit tariffs they had placed on each other. The second round of meetings comes four days after Trump and Xi spoke by phone, their first direct interaction since Trump's January 20 inauguration. During the more than one-hour-long call, Xi told Trump to backdown from trade measures that roiled the global economy and warned him against threatening steps on Taiwan, according to a Chinese government summary. But Trump said on social media the talks focused primarily on trade led to "a very positive conclusion," setting the stage for Monday's meeting in London. The next day, Trump said Xi had agreed to resume shipments to the US of rare earths minerals and magnets and Reuters reported on Friday that China has granted temporary export licenses to rare-earth suppliers of the top three US automakers. China's decision in April to suspend exports of a wide range of critical minerals and magnets upended the supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. White House spokeswoman Karoline Leavitt told the Fox News program "Sunday Morning Futures" that the US wanted the two sides to build on the progress made in Geneva in the hope they could move towards more comprehensive trade talks. The preliminary deal in Geneva sparked a global relief rally in stock markets, and US indexes that had been in or near bear market levels have recouped the lion's share of their losses. The S&P 500 Index, which at its lowest point in early April was down nearly 18% after Trump unveiled his sweeping "Liberation Day" tariffs on goods from across the globe, is now only about 2% below its record high from mid-February. The final third of that rally followed the US-China truce struck in Geneva. Still, that temporary deal did not address broader concerns that strain the bilateral relationship, from the illicit fentanyl trade to the status of democratically governed Taiwan and US complaints about China's state-dominated, export-driven economic model. While the UK government will provide a venue for Monday's discussions, it will not be party to them and will have separate talks later in the week with the Chinese delegation.
