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Iraqi News
3 days ago
- Business
- Iraqi News
France's Sanofi helps Iraq develop pharmaceutical industry
Baghdad ( – The Iraqi Ministry of Health mentioned on Sunday that the agreement with Sanofi, a French pharmaceutical and healthcare company, represents an essential step toward strengthening Iraq's pharmaceutical industry. During his participation in a scientific workshop on biosimilar medicines and intellectual property, Deputy Health Minister Hani al-Oqabi explained that the agreement reached with Sanofi is not limited to the pharmaceutical industry but includes other important areas, according to the state-run news agency (INA). Iraqi Prime Minister Mohammed Shia al-Sudani has lately been focusing on developing collaboration with international enterprises and seeking investments to build industries in Iraq, according to al-Oqabi. The prime minister's advisor on industry and private sector development, Hammoudi al-Lami, revealed earlier that AstraZeneca, a British-Swedish multinational pharmaceutical and biotechnology company based in Cambridge, is thinking of building a pharmaceutical facility in Iraq. In a statement to the Iraqi News Agency (INA), al-Lami explained that Arab and foreign companies are eager to set up businesses in the Iraqi market. The Iraqi official indicated that the US multinational healthcare company Baxter, as well as businesses in the Gulf States, had also expressed a desire to become part of the Iraqi market. The Iraqi Ministry of Health revealed in late April that it signed an agreement with European companies to establish an insulin production plant in the northern Iraqi province of Nineveh. According to INA, the agreement was signed with a Polish firm, one of the top four producers of insulin worldwide, and a German corporation. The idea to produce insulin in Iraq that meets all European requirements was sparked by the Iraqi government's support for pharmaceutical and health industry initiatives. The steps align with the objectives outlined in the Iraqi government's agenda, which emphasizes the development of the country's health sector.
Daily Mirror
5 days ago
- Automotive
- Daily Mirror
Oliver Rowland thought he ended his own career – two years later he's world champion
Oliver Rowland secured the most dominant Formula E title in history in Berlin earlier this month and now he prepares to end the season with a home race in London Oliver Rowland was having sleepless nights when he thought he committed career suicide just two years ago. But over this weekend he gets a world championship victory procession on home soil, as he steps out at Formula E's season finale London E-Prix. The lad from Barnsley, 32, secured the most dominant title win in FE history in Berlin earlier this month to become only Britain's second all-electric world champ - and it came just two years after he quit the series altogether. Unhappy and underperforming at Mahindra, Rowland made the brave decision to focus on his own wellbeing and ripped up his contract. But after months of doubts over what he had done, Nissan - the team he drove for when he joined the series full-time in 2018 - offered an olive branch that he knew he had to take. Rowland said: 'The journey I have been on in the last two years is nothing short of crazy. It's almost two years to the day since I was sat without a job, sleeping no more than three hours a night because I was so frightened at what I had done and of the situation I had put myself in. 'From a mental health perspective, I was in a pretty bad place, so to be in this position now, I feel pretty fortunate. I am trying to balance out the emotions because it's highs, lows, coming back home, having a normal life again. It's not a normal thing to navigate. 'I think by taking that risk and that punt in my career long term made me realise that I need to make sure that every small detail is done correctly on my side. I needed to really make the most of this opportunity because the reality was if it didn't work, it was the last one. 'I'm quite a doubting guy. I'm always arriving at a race thinking I'm not going to be good enough, so I'm going to have to work really hard if I want to make the most of this opportunity.' One of Rowland's secret to successes has been his mentorship of Red Bull F1 wonderkid Arvid Lindblad. Rowland has guided the British-Swedish star since he was just seven. Now a 17-year-old, he drove in FP1 at the recent British Grand Prix and as Lindblad continued to soar, Rowland knew he had to get his act into gear. 'This year is the perfect balance,' Rowland said. 'I'm performing, he's performing, we're driving each other. 'When you set such a high level and you see somebody else you're working so closely with, also setting a high level in a completely different area, you motivate each other, you build that trust between each other. 'If I'm advising him on to do this or to do that, but I'm finishing 20th every week, there's less trust there.'
Boston Globe
22-07-2025
- Business
- Boston Globe
Amid calls for Powell's ouster, Bessent says Fed chief should serve out his term
Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up ENERGY Advertisement Ontario premier threatens electricity export tax if US trade war continues Ontario Premier Doug Ford said he hasn't ruled out the idea of reimposing a surcharge on electricity exports to US states if trade talks between Canada and the Trump administration don't result in a fair deal. In March, the leader of Canada's most populous province briefly put a 25 percent tax on power exports to Michigan, Minnesota, and New York in retaliation for US President Donald Trump's trade war. He backed down after the president said he would increase tariffs on Canadian steel and aluminum to 50 percent and attack the country's auto industry, which relies on exports to the United States. Trump eventually did increase steel and aluminum levies to 50 percent — though not just on Canada. Then, on July 10, Trump threatened to increase tariffs on some other Canadian products to 35 percent if there's no trade agreement between the two nations by the beginning of next month. 'On the export tax on electricity, everything's on the table — and we'll see how this deal goes and we'll see what he has to say on Aug. 1,' Ford told reporters Tuesday. — BLOOMBERG NEWS Advertisement BILLIONAIRES SpaceX warns investors that Musk could yet return to politics There's a new warning tucked into the tender offer for Elon Musk's SpaceX: The billionaire may not be done with politics just yet. Musk previously served as senior adviser to President Trump 'in connection with the Department of Government Efficiency and may in the future serve in similar roles and devote significant time and energy to such roles,' according to documents reviewed by Bloomberg and people familiar with the content who were not authorized to speak publicly on the matter. The company added the language laying out such 'risk factors' in paperwork sent to investors discussing the transaction. It was the first time this language is believed to have appeared in these tender offers, some of these people said. SpaceX's most recent offer values the rocket and satellite maker at about $400 billion, which would make it the most valuable private company in the world. Representatives for Musk and SpaceX didn't respond to requests for comment. — BLOOMBERG NEWS Advertisement LIFE SCIENCES AstraZeneca says it will invest $50B in US drugmaking facilities British-Swedish drugmaker AstraZeneca has promised to invest $50 billion in the United States by 2030, the latest in a string of pledges by pharmaceutical companies as they try to fend off President Trump's threat to impose a 200 percent tariff on imported drugs. Pascal Soriot, CEO of AstraZeneca, announced the plans Monday in Washington while seated next to Kevin Hassett, the director of the US National Economic Council, and Glenn Youngkin, the governor of Virginia, where the company will direct a major plank of the investment. The plan 'underpins our belief in America's innovation in biopharmaceuticals and our commitment to the millions of patients who need our medicines in America and globally,' Soriot said. The investment will go to projects like building a manufacturing plant in Virginia to make drug substances, including for the company's weight loss drugs. The plant in Virginia will be AstraZeneca's largest single manufacturing investment in its 26-year history, the company said. The money will also go toward plants in California, Indiana, Maryland, and Texas, as well as expanding research and development facilities in Maryland and Massachusetts. — NEW YORK TIMES MEDIA Appeals court backs Trump's ban of AP from White House press pool A federal appeals court will allow President Trump to continue to block news outlets from covering him in 'restricted' spaces such as the Oval Office and Air Force One based on their editorial decisions. In a one-page order on Tuesday, the US Court of Appeals for the DC Circuit left in place an earlier decision that let White House officials exclude the Associated Press from a rotating pool of reporters and photographers who cover the president's daily movements while an underlying legal fight goes forward. The latest decision from the Washington-based court, which has a majority of active judges appointed by Democratic presidents, is a win, for now, for Trump and senior aides who have sought to exert more control over the media organizations that have access to him. The AP could ask the US Supreme Court to step in. None of the DC Circuit's 11 active judges noted a dissent from Tuesday's order siding with the government at this stage, suggesting AP would face steep odds of success before the conservative-majority high court. 'We are disappointed by today's procedural decision but remain focused on the strong district court opinion in support of free speech as we have our case heard,' AP spokesperson Lauren Easton said in a statement. 'The press and the public have a fundamental right to speak freely without government retaliation. We look forward to continuing to produce strong, factual and nonpartisan coverage of the administration.' A White House spokesperson did not immediately respond to a request for comment. — BLOOMBERG NEWS Advertisement CANDY Not so sweet news as Hershey plans double-digit price hike Hershey Co. is raising prices on its candy due to historically high cocoa costs. The Pennsylvania-based maker of Hershey's chocolates and Reese's Peanut Butter Cups told its retailers last week that it would be implementing a roughly double-digit price increase, company officials said Tuesday. That increase reflects a higher list price as well as adjustments to the weight and number of candies in a bag, a practice known as shrinkflation. 'This change is not related to tariffs or trade policies,' Andrew Archambault, president of US confection at Hershey, said in a statement. 'It reflects the reality of rising ingredient costs including the unprecedented cost of cocoa.' The company previously announced a price increase a year ago. The price of cocoa has surged in the last two years, due to supply shortages in the wake of disease and poor weather in Ivory Coast and Ghana, which usually account for more than 60 percent of global supplies. Cocoa futures have more than doubled and touched a record in December, upending the chocolate industry. Cocoa futures prices have since cooled as global production improves and demand slumps, but costs remain high above historical levels. Swiss chocolatier Lindt & Spruengli AG pushed through a 15.8 percent price increase in the first half of the year and its chief executive said he expects cocoa inflation to continue into next year. — BLOOMBERG NEWS Advertisement
The Hill
22-07-2025
- Business
- The Hill
AstraZeneca investing $50B in US, Trump calls it an ‘honor'
British-Swedish pharmaceutical company AstraZeneca announced a $50 billion investment in the U.S. this week, with the Trump administration claiming some credit due to its tariff policy and President Trump calling it an 'honor.' The company announced the investment on Monday, saying it would invest $50 billion into the country by 2030 to build on 'America's global leadership in medicines manufacturing and R&D.' The investment includes a 'drug substance facility' in Virginia, which AstraZeneca says will be its largest single manufacturing investment in the world. Virginia Gov. Glenn Youngkin (R) thanked AstraZeneca for its investment and the jobs that it's expected to generate. 'Advanced manufacturing is at the heart of Virginia's dynamic economy, so I am thrilled that AstraZeneca, one of the world's leading pharmaceutical companies, plans to make their largest global manufacturing investment here in the Commonwealth,' Youngkin said. Additional funds will go towards the company's existing or planned facilities in California, Indiana, Maryland, Massachusetts and Texas. AstraZeneca estimated these investments will help it reach a total revenue of $80 billion by 2030. 'For decades Americans have been reliant on foreign supply of key pharmaceutical products. President Trump and our nation's new tariff policies are focused on ending this structural weakness,' Commerce Secretary Howard Lutnick said in a statement. 'We are proud that AstraZeneca has made the decision to bring substantial pharmaceutical production to our shores. This historic investment is bringing tens of thousands of jobs to the US and will ensure medicine sold in our country is produced right here.' Trump noted the investment at the start of a meeting with Philippines President Ferdinand Marcos Jr. on Tuesday. 'We have a big announcement, AstraZeneca, the big drug company, is going to spend $50 billion — just announced — $50 billion in the United States in order to build various places all over the country big manufacturing plants, pharmaceutical plants all over the country,' Trump said. 'So, that's an honor. And you said they did that because of the election and because of the fact the tariffs are in place. So they are building their facilities in New York. 50 billion, that's a big investment. It's going to be a very good investment. I have no doubt about it. So, thank you so AstraZeneca.' It wasn't immediately clear what New York investment Trump was referring to. AstraZeneca currently has an office located in New York.
Yahoo
22-07-2025
- Business
- Yahoo
AstraZeneca pledges $50bn investment in the US amid 200% tariff fears
AstraZeneca will invest $50 billion (€42.8 bn) in the US by 2030 in a move to expand its R&D and manufacturing there, the firm announced on Monday. This comes as the pharmaceutical giant aims to reach the target of $80 billion (€68.5 bn) in revenue by 2030, with 50% of it hoped to come from the US. The announcement also comes as the Trump administration threatens tariffs of up to 200% on drugs that are produced outside of the US. The new investment announcement is in addition to the $3.5 billion (€3 bn) pledged in November 2024. According to a statement from the company, the US plays a 'critical role' in AstraZeneca's ability 'to launch 20 new medicines by the end of the decade'. What will AstraZeneca produce in the US? As part of the investment, the British-Swedish company plans to build a new multi-billion dollar manufacturing facility in the state of Virginia. This plant will focus on the production of treatments for chronic diseases and is the largest single investment into a facility the company has ever made. '[This] announcement underpins our belief in America's innovation in biopharmaceuticals and our commitment to the millions of patients who need our medicines in America and globally,' Pascal Soriot, Chief Executive Officer at AstraZeneca said in a statement from the company. 'I look forward to partnering with Governor Youngkin and his team to work on our largest single manufacturing investment ever. It reflects the Commonwealth of Virginia's desire to create highly skilled jobs in science and technology, and will strengthen the country's domestic supply chain for medicines.' Related Revolut to create 400 new jobs as Paris HQ leads hopes towards French banking licence Universal Music Group confidentially files for US stock market listing The site in Virginia will have a particular focus on producing substances which make up AstraZeneca's weight management and metabolic treatment portfolio. As well as the site in Virginia, the investment will help expand facilities and production in Massachusetts, Maryland, California, Indiana and Texas, as well as finding new sites for clinical trials. AstraZeneca already has 19 R&D, manufacturing and commercial sites in the US, and the country is the company's largest market, representing 42% of their revenue. The firm currently employs more than 18,000 people and supports 92,000 jobs across the US. The new investment announcement is expected to create tens of thousands more jobs in the coming years. Howard Lutnick, US Secretary of Commerce, said: 'For decades Americans have been reliant on foreign supply of key pharmaceutical products. President Trump and our nation's new tariff policies are focused on ending this structural weakness. We are proud that AstraZeneca has made the decision to bring substantial pharmaceutical production to our shores. This historic investment is bringing tens of thousands of jobs to the US and will ensure medicine sold in our country is produced right here.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
