Standard Chartered Announces Fresh Share Buyback as Profit Beats
The London-headquartered bank said Thursday that it would repurchase $1.3 billion of its own stock as part of a plan to return at least $8 billion to shareholders between 2024 and 2026. It earlier announced a $1.5 billion buyback in February.
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USA Today
a minute ago
- USA Today
Trump plans drug tariffs of up to 250%
President Donald Trump threatened to levy tariffs of up to 250% on pharmaceuticals imported into the United States. The president told CNBC on Aug. 5 that he plans to announce new tariffs "within the next week or so" on imports of pharmaceutical and semiconductor imports. He said he plans to launch a smaller tariff on drug imports before increasing the duties over 12 to 18 months to a maximum amount. Trump would start with an "initially small tariff on pharmaceuticals," he said. "But in one year, one-and-a-half years maximum, it's going to go to 150%, and then it's going to go to 250%, because we want pharmaceuticals made in our country." He said other nations "make a fortune" on pharmaceuticals, citing drugs imported from China and Ireland. Trump has said several times in recent months that there could be trade actions for the pharmaceutical industry, which has globalized since the 1990s with a drug supply chain that stretches from Europe to China and India. In July, Trump said his administration planned pharmaceutical-specific tariffs of up to 200%, though drug companies would have time to establish U.S.-based drug manufacturing. In April, Trump said he planned to impose tariffs on pharmaceuticals made overseas, a move he said would prompt drug companies to move their operations to the U.S. On July 31, Trump sent letters to 17 drug companies urging them to lower U.S. drug prices by Sept. 29 to "most favored nation" amounts paid by other nations. In the letters, Trump urged drug companies to adopt such pricing on drug for Medicaid, the federal-state health insurance program for low-income residents. He also requested drug companies lower U.S. prices to the same levels charged in Europe and elsewhere for newly-launched drugs for people on Medicare, Medicaid and private insurance plans. Trump also urged drug companies to lower pharmaceutical prices for U.S. consumers and businesses that directly purchase from drug companies. "Make no mistake: a collaborative effort towards achieving global pricing parity would be the most effective path for companies, the government and American patients," Trump said in the letters. "But if you refuse to step up, we will deploy every tool in our arsenal to protect American families from continued abusive drug pricing practices."
Fast Company
a minute ago
- Fast Company
Palantir hits $1 billion in quarterly sales for the first time, avoids DOGE cuts
Shares of Palantir Technologies sailed past previous record highs Tuesday after booking its first $1 billion sales quarter and raising its performance expectations for the year. The stock rose above $170 on Tuesday after breaking previous records four times this year in the global artificial intelligence race. The previous high for the stock was set just over a week ago when its stock closed at $158.80. Since going public in 2020 when it posted a $1.17 billion annual loss, the artificial intelligence software company has swung swiftly to a profit and sales are booming. Profit rose 33% to $327 million in the second quarter. Its $1 billion quarterly revenue haul was fueled by a 53% spike in government sales, despite massive spending cuts under President Donald Trump and his Department of Government Efficiency, once led by the world's richest man Elon Musk. 'DOGE has had zero negative impact on Palantir's U.S. government business, which achieved its fastest growth rate since the second quarter of 2021,' wrote William Blair analysts Louie DiPalma and Bryce Sandberg. 'Palantir is clearly benefiting from AI industry momentum across its government and commercial customer bases.' The company also recorded a 93% jump in business sales. Overall U.S. revenue surged 68% to $733 million. Late Monday, Palantir raised its annual revenue expectations to between $4.14 billion and $4.15 billion. It also raised its U.S. commercial revenue guidance to more than $1.3 billion, which would mean that Palantir achieved a growth rate of at least 85%. 'This was a phenomenal quarter,' CEO Alex Karp said in a statement accompanying the earnings release. 'We continue to see the astonishing impact of AI leverage.' Karp believes AI will benefit everyone, saying during a call with industry analysts on Monday that Palantir is, 'bullish on all aspects of American life, including and especially people in the blue collar.' He said Palantir wants to 'arm the working class or blue collar workers with AI agency enhancing skills,' and said that the company will reach out to labor leaders to help familiarize workers with the technology. 'People with less than a college education are creating a lot value and sometimes more value than people with a college education using our product,' Karp said. Palantir, headquartered in Denver, specializes in software platforms that pull together and analyze large amounts of data.
Bloomberg
2 minutes ago
- Bloomberg
Bloomberg Tech: US Considers More Chip Tariffs
Bloomberg's Caroline Hyde and Ed Ludlow discuss President Trump's comments that more chip tariffs may be coming soon. Plus, booming demand for artificial intelligence led Palantir's revenue to climb above $1 billion. And AMD is under pressure to show benefits from the AI race as the chipmaker prepares to release earnings after markets close.
