UniCredit says it is withdrawing bid for Banco BPM
Italy's second-biggest bank said in a statement government-set terms for the bid, which it has been fighting in court scoring a partial victory earlier this month, had derailed the bid.
($1 = 0.8514 euros)
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Telegraph
13 minutes ago
- Telegraph
There are questions Beijing must answer about its Embassy plans
The saga of the new Chinese Embassy in London has reached its climax. Having bought the Royal Mint, a huge and historic site of more than five acres opposite the Tower of London, for £255m in 2018, Beijing is now developing it. Much of this building would be used for normal cultural and diplomatic purposes. But the plans include a vast basement with no obvious function. More concerningly, details of these plans have been redacted in Beijing's application. There are justifiable fears that the basement could become a high-tech centre for espionage, surveillance and monitoring of Chinese nationals. The basement might even include facilities where pro-democracy activists from Hong Kong could be interrogated. Lawyers for the Chinese are already exploring legal loopholes to extradite its opponents and rewards are offered to those who turn them in. The decision on granting planning permission now rests with the Housing Secretary. Angela Rayner is, of course, also the Deputy Prime Minister. As such she will be more concerned about global than local issues. Britain's economic dependence on China means that it seems most unlikely that Ms Rayner will refuse planning permission, apart from minor modifications. But it is welcome that she has at least asked for an explanation as to why the plans have been redacted. This is, however, an issue that transcends normal diplomatic relations. We cannot allow the largest embassy in Europe to be erected in such a strategic location in London without proper parliamentary and press scrutiny. Ms Rayner must elicit more information from the Chinese about what would go on inside their proposed basement. Until the Beijing authorities are more forthcoming about their intentions, the public is entitled to presume that they are sinister.
Reuters
17 minutes ago
- Reuters
European shares end flat as healthcare stocks weigh after Trump's tariff threat
Aug 6 (Reuters) - European shares closed flat on Wednesday, surrendering early session gains, as healthcare stocks felt the pinch from U.S. President Donald Trump's latest threat to impose higher tariffs on pharmaceutical imports. The pan-European STOXX 600 (.STOXX), opens new tab index closed 0.06% lower, breaking its two-day winning streak despite starting the session on a positive note. Healthcare stocks bore the brunt of the selling pressure. The sector index (.SXDP), opens new tab plunged 2.8% to its lowest level in more than three months after Trump unveiled a graduated tariff plan targeting pharmaceutical imports that could see levies on the sector jump up to 250% within 18 months. "This is where it's important to be specific about tariffs because certain stocks and sectors will be impacted differently across regions," said Steve Sosnick, chief market analyst at Interactive Brokers. "In Europe and Asia, investors are considering tariff impacts more carefully since exporters bear much of the brunt directly." The sector was also singed as Novo Nordisk ( opens new tab warned it expects continued competition from copycat versions of its Wegovy obesity drug this year, a message that sent shares of the Danish drug maker down 5.4%. Novo cut its full-year sales and profit forecasts last week, wiping $95 billion off its market value since then. Meanwhile, Swiss President Karin Keller-Sutter met with U.S. Secretary of State Marco Rubio to discuss potential trade solutions after Trump announced a 39% tariff on Swiss goods. The talks focused on increasing Swiss purchases of U.S. energy and defence products to avert the steep tariff, which threatens significant damage to Switzerland's export-driven economy. Switzerland's benchmark SMI index (.SSMI), opens new tab fell 0.9%, weighed down by drugmakers Novartis (NOVN.S), opens new tab and Roche (ROG.S), opens new tab which lost 3.3% and 2.6%, respectively. Bayer ( opens new tab shares tumbled 9.9% on investor concerns that the German pharmaceutical firm's earnings were inflated by soccer player transfer fees rather than supported by its core healthcare and agriculture businesses. On the data front, Euro zone retail sales grew quicker than thought in June, reinforcing views that the 27-nation bloc remains resilient to trade uncertainty. Among others, Beiersdorf ( opens new tab fell 8.4% and was among top decliners after the German consumer goods maker cut its annual organic sales growth outlook. On the flip side, Siemens Energy ( opens new tab rose 1% after the company said it expects to hit the upper end of its 2025 growth outlook estimates. Hiscox (HSX.L), opens new tab was the top gainer on the index, gaining 9.4% after reporting a rise in first-half insurance premiums supported by its retail business growth.
Reuters
an hour ago
- Reuters
Charles River profit forecast clouded by order cancellations from biotechs
Aug 6 (Reuters) - Charles River Laboratories' (CRL.N), opens new tab annual profit forecast raise on Wednesday was clouded by investor concerns about the higher number of order cancellations from clients, sending the contract research firm's shares down 8% in afternoon trading. The company's quarterly book-to-bill ratio – the number of orders versus those fulfilled – came in at 0.82x. Evercore ISI analyst Elizabeth Anderson said the ratio was below Wall Street expectations of 0.94x, adding some questions remain about demand environment in the sector. Charles River CEO Jim Foster said on a conference call that while proposals were higher in the quarter, cancellations from biotechs were also higher. Contract research organizations – including Charles River, Fortrea (FTRE.O), opens new tab and ICON (ICLR.O), opens new tab – have posted better-than-expected quarterly profit, reflecting a rebound in spending from pharmaceutical and biotech clients after a cautious stretch driven by tighter sector financing. Charles River's Foster, however, said that funding for smaller biotechs is still more cash constrained, due to the funding slowdown, and mid-sized biotechs are performing better, as many can support their R&D programs without external funding. "We are continuing to see clear signs that the biopharmaceutical demand is stabilizing, and in this environment, we are making gradual progress to return to organic revenue growth," he added. The Wilmington, Massachusetts-based company raised its 2025 adjusted profit forecast to $9.90 to $10.30 per share, from its previous range of $9.30 to $9.80. Charles River's overall second-quarter revenue came in at $1.03 billion, surpassing analysts' estimate of $985.1 million, according to data compiled by LSEG. On an adjusted basis, quarterly profit was $3.12 per share, above estimates of $2.50.
