US FDA announces new program to boost domestic drug manufacturing
The program, called FDA PreCheck, aims to streamline review of domestic pharmaceutical manufacturing and eliminate unnecessary regulatory requirements, the FDA said.
The program also introduces a two-phase approach to facilitate new U.S. drug manufacturing facilities.
(Reporting by Mariam Sunny in Bengaluru; Editing by Shinjini Ganguli)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
5 hours ago
- The National
Trump picks top economic adviser for Federal Reserve Board
US President Donald Trump announced on Thursday that he will nominate top economic adviser Stephen Miran to temporarily serve on the Federal Reserve Board of Governors as he pushes for more control over the central bank. If confirmed by the US Senate, Mr Miran, chairman of the White House's Council of Economic Advisers, would fill the seat vacated by Adriana Kugler, who is due to step down as Fed governor on Friday. Her term expires on January 31, 2026. 'In the meantime, we will continue to search for a permanent replacement,' Mr Trump wrote on the Truth Social media platform, suggesting he could nominate another person to serve a full 14-year term. Ms Kugler's surprise resignation last week opened the path for Mr Trump to exert power over the Federal Reserve, the independence of which has been tested amid the President's repeated calls for lower interest rates. Ms Kugler was absent and did not vote when the Fed kept its target range for interest rates steady at 4.25 to 4.50 per cent last week. She did not provide a reason for her resignation. The Federal Reserve referred to the White House when asked for comment. The White House referred The National to Mr Trump's Truth Social post when asked for a statement. Mr Miran has been critical of the Federal Reserve in the past, arguing for reforms to the US central bank in a March 2024 paper. 'The Federal Reserve's record in recent years raises questions about whether it has been operating in line with the best practices of central bank independence,' he wrote along with Daniel Katz, who now works at the Treasury Department. Mr Miran is also known for co-developing the 'Mar-a-Lago Accord', a playbook to devalue the dollar while preserving its status as the world's reserve currency. His nomination to the Federal Reserve Board comes as Fed chairman Jerome Powell faces increasing pressure from the Trump administration to lower interest rates. Mr Trump has relentlessly attacked Mr Powell in recent months, even visiting the central bank's headquarters where renovation costs have become a new target for the White House. It also comes as speculation increases over who will replace Mr Powell, whose term as chairman expires in May 2026. On Thursday, Bloomberg reported Fed Governor Christopher Waller has emerged as a top choice to succeed him. Mr Waller was one of two Fed governors to dissent in last week's decision to keep rates unchanged, instead favouring a cut of 25 basis points. He based his reasoning on a forward-looking view that tariffs will lead to a one-off increase in prices and that current data shows the labour market is not as strong as it appears. 'I believe that the wait-and-see approach is overly cautious and, in my opinion, does not properly balance the risks to the outlook and could lead to policy falling behind the curve,' Mr Waller said in a statement last week. 'When labour markets turn, they often turn fast. If we find ourselves needing to support the economy, waiting may unduly delay moving towards appropriate policy.' Mr Powell has not indicated if he intends to serve out the remainder of his term on the central bank, which expires in 2028, after his term as chairman ends.
Arabian Post
10 hours ago
- Arabian Post
Wall Street's jitters highlight case for global diversification
Apprehension has returned to US stock markets, and the reasons are becoming increasingly difficult to ignore. Many asset allocators I speak with are questioning valuations that appear stretched and overly reliant on a handful of technology giants. Although the S&P 500 and the Nasdaq 100 reached fresh highs just last week, the rally already feels vulnerable. Outside the United States, sentiment is notably more optimistic. In Europe, Asia, and across several key emerging markets, investors are finding better value and a wider range of opportunities. ADVERTISEMENT There's growing interest in cyclical and defensive sectors that are trading at more reasonable levels. Allocators are beginning to shift their focus globally in search of better-priced assets and broader exposure. Bond markets have remained relatively calm. Both US Treasuries and UK gilts continue to offer yields that are comfortably above inflation, which is a positive for those seeking stable income. This is particularly noteworthy given the large volume of new debt that both governments are expected to issue in the coming months. Despite the supply pressures, yields have remained steady, which suggests there is still confidence in these instruments. Gold is another asset that continues to reflect a more cautious outlook. Prices remain close to all-time highs. This signals ongoing demand for safe havens, especially as political risk and long-term inflation concerns linger in the background. However, the single biggest driver of uncertainty in markets right now is trade policy. Tariffs are back in focus, and the outlook is murky at best. ADVERTISEMENT We should not expect clarity on the final shape of US trade policy until well into 2026. Many of the recent bilateral agreements signed by the United States, including those with the UK and the European Union, are little more than frameworks for future discussion. They do not provide investors or businesses with the certainty they need to plan ahead. Last Friday, Washington announced a new 39 percent tariff on certain Swiss imports, a move that has already prompted calls from Switzerland for renegotiation. At the same time, the existing US-Mexico-Canada Agreement, signed in 2020, is only guaranteed for another 90 days. Talks to extend or amend it are still ongoing, and the outcome remains unclear. We also do not yet understand the full implications of these new trade measures on corporate earnings, global growth, or inflation. The numbers themselves are higher than many had expected. According to Yale University's Budget Lab, the average tariff now being implemented sits around 18.3 percent. For months, the consensus had been that the figure would hover near 10 percent. That expectation has now been upended. What complicates the picture further is the weak economic data coming out of the United States. Last Friday's payroll report showed a decline in manufacturing jobs. In response, President Trump dismissed the head of the government's labour statistics office, a move that raised eyebrows. Then came a disappointing ISM services survey, which pointed to contraction in the services sector. This followed five consecutive months of contraction in the ISM manufacturing index. Taken together, this makes for an uneasy backdrop to Wall Street's high valuations. While recent second quarter earnings were relatively strong and prompted some upward revisions in forecasts, those upgrades are now under pressure. If incoming data continues to disappoint, it is likely that we will see some of those expectations revised downward. In this environment, investors would do well to maintain a globally diversified approach. Concentrating capital in a single region or sector that appears strong today carries risks that may not be fully visible until sentiment turns. Exposure across different geographies and industries can help reduce vulnerability to localized shocks. Many European and Asian markets are not only more attractively priced but are also less exposed to the fallout from US trade policy. Emerging markets offer the potential for growth that is driven more by domestic demand than by global trade flows. For private investors in particular, well-constructed multi-asset funds remain an effective way to access this broader set of opportunities. These vehicles are designed to deliver strong risk-adjusted returns over time and tend to offer more diversification than an individual investor could achieve alone. The current market environment is a reminder of how quickly sentiment can shift. High valuations, policy uncertainty, and mixed economic data are a potent combination. Rather than chase short-term gains, long-term investors should remain focused on balance, discipline, and diversification. Now is the time to think globally, act selectively, and prepare for a wide range of outcomes. Nigel Green is deVere CEO and Founder Also published on Medium. Notice an issue? Arabian Post strives to deliver the most accurate and reliable information to its readers. If you believe you have identified an error or inconsistency in this article, please don't hesitate to contact our editorial team at editor[at]thearabianpost[dot]com. We are committed to promptly addressing any concerns and ensuring the highest level of journalistic integrity.
The National
11 hours ago
- The National
UAE-backed GlobalFoundries expands partnership with Apple
US-based semiconductor manufacturer GlobalFoundries, owned by Abu Dhabi's sovereign fund Mubadala Investment Company, and Apple have deepened their partnership as part of the global tech giant's pledge to invest in US manufacturing. The announcement comes after Apple on Wednesday said it intends to invest an additional $100 billion in the US, bringing its total investment commitment to $600 billion in the next four years. In its pledge, Apple also announced the American Manufacturing Programme to boost its supply chain and help move advanced manufacturing to the US. GlobalFoundries is among the first partners in the programme that also include Texas Instruments, Samsung and Broadcom. 'This is part of our $600 billion commitment to the US over the next four years, and we couldn't be more excited about the future of American innovation,' Apple chief operating officer Sabih Khan said in a statement. Apple's investment announcement came after President Donald Trump had threatened to impose tariffs on the company for manufacturing its flagship iPhones outside the US. During a call with analysts after reporting earnings last week, Apple chief executive Tim Cook said a 'vast majority' of its iPhones are made in India. Mr Trump doubled India's tariff rate to 50 per cent earlier on Wednesday. GlobalFoundries investments GlobalFoundries said its partnership with Apple will allow it to speed up investment at its facility in Malta, New York state. 'This is a testament to GF's technology differentiation, coupled with our unique secure and onshore capabilities, and the trust Apple has placed in GF to deliver and build the advanced chips that power its next-generation smart mobile technologies,' GlobalFoundries chief executive Tim Breen said in a statement. The UAE-backed company in June also teamed up with Apple, SpaceX, AMD, Qualcomm, NXP and General Motors as part of its plans to invest $16 billion to expand its semiconductor manufacturing and advanced packaging in New York and Vermont. GlobalFoundries said that investment commitment, which came after the US President's visit to the UAE, was the result of collaboration with the Trump administration and support from leading technology companies. The company on Wednesday said its partnership with Apple, as well as its $16 billion planned investment, is supported by the Trump administration's efforts to prioritise US leadership in artificial intelligence, including manufacturing semiconductors domestically.
