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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