Latest news with #Swiss-headquartered
Business Times
4 days ago
- Business
- Business Times
Sats proposes 4.2 million euro sale of 49% stake in Servair joint venture to Swiss airline caterer Gategroup
[SINGAPORE] Ground handler Sats is proposing to divest 509,600 ordinary shares or around 49 per cent of paid-up share capital of holding company Servair-Sats to the Swiss-headquartered airline catering company Gategroup. The consideration for the disposal, arrived at on a willing buyer-willing seller basis after arms' length negotiations, is around 4.2 million euros (S$6.1 million) and shall be paid fully in cash by Gate Gourmet Switzerland, a subsidiary of Gategroup. Servair-Sats is a joint venture between Sats and caterer Servair, which is owned by Gategroup. Gategroup bought Servair from airline Air France-KLM. Sats said on Thursday (Jun 5) that the move is consistent with its capital recycling and reallocation strategy to optimise its investment portfolio and unlock value for stakeholders. It added that the divestment allows it to monetise its minority stake in Servair-Sats and that raised proceeds from the sale would bolster its balance sheet, allowing it to refocus its resources to repay debt and/or deploy capital to core strategic businesses. The proposed sale is not expected to have any material impact on Sats' consolidated net tangible assets per share or the consolidated earnings per share for the current fiscal year ending March 2026. Sats shares ended Thursday 0.6 per cent or S$0.02 higher at S$3.14, before the announcement.
Cision Canada
01-05-2025
- Business
- Cision Canada
Vasily Rudomanov Appointed Chief Executive Officer of GetBlock, Effective April 2025
Under new leadership, the company initiates a strategic transfer toward delivering more comprehensive and general-purpose blockchain data services SINGAPORE, April 29, 2025 /CNW/ -- GetBlock, a leading RPC node provider and Web3 infrastructure platform, has officially appointed Vasily Rudomanov, former Chief Product Officer, as its new Chief Executive Officer. Vasily Rudomanov, 42, assumes the role following Arseniy Voitenko, GetBlock's founding CEO, who has led the company since its inception in 2019. Arseniy will now transition to a new executive role within the company. Vasily Rudomanov brings over 27 years of experience in engineering and product management, with a strong focus on cloud infrastructure, cloud-native application orchestration, and data storage. Prior to joining GetBlock as CPO in Q4 2024, Vasily held senior product leadership roles at several leading blockchain and technology companies. He served as Chief Product Officer at Chainstack, and as Product Lead at MarsBase. He also led Cambrian, Solana's developer infrastructure powerhouse, as CPO. The new CEO has a track of Web3 hackathon victories. His Unstoppable RPC concept secured wins at both ETHGlobal and ETHBelgrade hackathons. Before transitioning into Web3, Rudomanov spent over two decades in Web2 engineering and product management. He played a key role in shaping product strategies at several leading technology companies, including Acronis, a Swiss-headquartered software heavyweight. Rudomanov holds an in Information Technology and an MBA, both awarded summa cum laude. He is an experienced startup mentor and educator, with lecturing engagements at the Schaffhausen Institute of Technology. Commenting on his appointment, GetBlock's new CEO stated: "It is a true privilege to assume the role of CEO at GetBlock. The company has been a pioneering force in the Web3 infrastructure space, and as we enter a new era of decentralized application adoption - driven by a new Internet architecture - I see tremendous opportunity to become the most trusted and developer-centric Web3 infrastructure provider." In his new role, Rudomanov will focus on enhancing the quality of GetBlock's Web3 data services, adding new tools for developers, and strengthening the company's core team. Arseniy Voitenko, GetBlock's ex-CEO, reflects on the leadership transition and welcomes his successor:"Being entrusted with the team of GetBlock has been the highlight of my career in Web3. I treasure having had the opportunity to build one of the leading RPC node providers from the ground up. I've never been more excited about GetBlock's trajectory. In passing the reins to Vasily, I have the utmost confidence in him." During Voitenko's five-year tenure, GetBlock achieved several key milestones and advancements: Product: Transformed from a two-person startup into one of the world's top five RPC node providers, offering access to over 75 blockchain testnets and mainnets. Infrastructure: Scaled from a couple of servers to multiple geo-distributed clusters located in the EU, USA, and Asia. Company: Grew from the initial hires to a global team of more than 60 employees, with dual headquarters in Serbia and Singapore. Service: Expanded from zero commercial clients to 1,000+ active companies. Innovation: Became the first mainstream RPC node provider to support BNB Smart Chain, Optimism, Arbitrum, and Scroll, and released first-ever grant-funded NEAR explorer. ABOUT GETBLOCK Founded in Q4 2019, GetBlock is an award-winning RPC node provider and one of the largest in the blockchain infrastructure space. The platform offers API access to more than 75 blockchains. For additional information visit GetBlock's main website.
Yahoo
28-04-2025
- Business
- Yahoo
Sandoz CEO slams EU-wide drug price proposal, warns US tariffs will hurt patient access
By Maggie Fick LONDON (Reuters) -The chief executive of generic drugmaker Sandoz said a proposal by the CEOs of Novartis and Sanofi to introduce a Europe-wide list price for new medicines is "deeply flawed" and would not solve global pricing inequities. Richard Saynor told Reuters that the proposal - outlined in a letter to the Financial Times last week - ignores structural drivers of high drug prices in the United States. "It made me smile, made me laugh," Saynor said of the proposal, adding that he thinks the Trump administration will succeed in driving down prices for brand-name medicines. But he said big pharmaceutical companies should not respond by hiking prices in Europe, which would hurt patient access. Saynor argued that U.S. patients have long borne a disproportionate share of costs for innovative medicines, while large drugmakers maintain high margins. He cited Amgen's autoimmune treatment Enbrel, which costs $70,000 per patient per year in the U.S., compared with $7,000 in Europe. Earlier this month, Sandoz filed a U.S. antitrust lawsuit against Amgen, alleging the company blocked biosimilar competition, including Sandoz's own version. Biosimilars are near-identical copies of complex biologic drugs whose patents have expired. Saynor said some form of U.S. price reform is inevitable, pointing to President Donald Trump's stalled plan to link drug prices to international benchmarks during his first term. Reuters reported last week that the Trump administration is again weighing such a move. Saynor said the structure of the U.S. healthcare system - including pharmacy benefit managers - inflates prices and he likened PBMs to "leeches sucking value out of healthcare". Generic drugs account for more than 90% of prescriptions filled in the U.S. but just 17% of spending, according to the Association for Accessible Medicines, the main generic medicines trade body. Saynor said greater use of generic and biosimilar drugs could help fund access to genuine innovation, rather than sustaining high prices for older, patent-protected medicines. Swiss-headquartered Sandoz, which spun off from Novartis in 2023, is one of the world's largest makers of generic and biosimilar drugs. The company sells anti-infectives and generic narcotics for hospital use in the United States. Saynor said Sandoz's North America President Keren Haruvi, who also chairs the AAM, has been meeting with White House officials nearly every week to discuss pharmaceutical imports and U.S. reliance on foreign drug production. "They have some really tough choices to make about security of supply ... and I'm quite optimistic these are the right conversations to have ... about accessibility, affordability," he said. He warned that if significant tariffs are imposed, Sandoz could be forced to withdraw some products from the U.S. market.
Reuters
28-04-2025
- Business
- Reuters
Sandoz CEO slams EU-wide drug price proposal, warns US tariffs will hurt patient access
LONDON, April 28 (Reuters) - The chief executive of generic drugmaker Sandoz (SDZ.S), opens new tab said a proposal by the CEOs of Novartis (NOVN.S), opens new tab and Sanofi ( opens new tab to introduce a Europe-wide list price for new medicines is "deeply flawed" and would not solve global pricing inequities. Richard Saynor told Reuters that the proposal - outlined in a letter to the Financial Times last week - ignores structural drivers of high drug prices in the United States. Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here. "It made me smile, made me laugh," Saynor said of the proposal, adding that he thinks the Trump administration will succeed in driving down prices for brand-name medicines. But he said big pharmaceutical companies should not respond by hiking prices in Europe, which would hurt patient access. Saynor argued that U.S. patients have long borne a disproportionate share of costs for innovative medicines, while large drugmakers maintain high margins. He cited Amgen's (AMGN.O), opens new tab autoimmune treatment Enbrel, which costs $70,000 per patient per year in the U.S., compared with $7,000 in Europe. Earlier this month, Sandoz filed a U.S. antitrust lawsuit against Amgen, alleging the company blocked biosimilar competition, including Sandoz's own version. Biosimilars are near-identical copies of complex biologic drugs whose patents have expired. Saynor said some form of U.S. price reform is inevitable, pointing to President Donald Trump's stalled plan to link drug prices to international benchmarks during his first term. Reuters reported last week that the Trump administration is again weighing such a move. Saynor said the structure of the U.S. healthcare system - including pharmacy benefit managers - inflates prices and he likened PBMs to "leeches sucking value out of healthcare". Generic drugs account for more than 90% of prescriptions filled in the U.S. but just 17% of spending, according to the Association for Accessible Medicines, the main generic medicines trade body. Saynor said greater use of generic and biosimilar drugs could help fund access to genuine innovation, rather than sustaining high prices for older, patent-protected medicines. Swiss-headquartered Sandoz, which spun off from Novartis in 2023, is one of the world's largest makers of generic and biosimilar drugs. The company sells anti-infectives and generic narcotics for hospital use in the United States. Saynor said Sandoz's North America President Keren Haruvi, who also chairs the AAM, has been meeting with White House officials nearly every week to discuss pharmaceutical imports and U.S. reliance on foreign drug production. "They have some really tough choices to make about security of supply ... and I'm quite optimistic these are the right conversations to have ... about accessibility, affordability," he said. He warned that if significant tariffs are imposed, Sandoz could be forced to withdraw some products from the U.S. market.
Yahoo
06-02-2025
- Business
- Yahoo
Iron Ore Producer Ferrexpo Plunges 51% After $3.8 Billion Ukrainian Civil Claim
(Bloomberg) -- Shares in London-listed miner Ferrexpo PLC sank as much as 51% after the company said a civil claim worth 157 billion Ukrainian hryvnias ($3.8 billion) had been filed against its subsidiary in the Eastern European country. State Farm Seeks Emergency California Rate Hike After Fires New York's First 'Passive House' School Is a Model of Downtown Density NYC's Newest Transit Leader Builds a Worker-Driven Strategy Transportation Memos Favor Places With Higher Birth and Marriage Rates When French Communists Went on a Brutalist Building Boom The Swiss-headquartered iron ore producer saw its biggest intraday drop on record, before paring losses to 23%. Earlier Tuesday the company issued a statement informing investors that its Ukrainian subsidiary Ferrexpo Poltava Mining was facing a claim for allegedly illegally mining and selling subsoil, which is said to have caused damage to the environment. Ferrexpo rejected the allegations, and said the accusations it faced had 'transformed' from earlier ones accusing the company of alleged illegal sale of waste products. The subsidiary intends to defend its position in the Ukrainian courts, according to a market update released by the company. In mid-January, Ferrexpo issued a statement in response to reports in Ukrainian media concerning accusations made by the Prosecutor General's Office of Ukraine against four senior managers of its subsidiary, concerning the alleged illegal mining and sale of waste products. The company said the minerals in question were not a separate mineral resource, and that it had been selling waste products for many years until September 2021, which had been subject to state inspections. Ferrexpo's Poltava operation, located in central Ukraine, is the group's largest mine. Before Russia's invasion of Ukraine in 2022, Ferrexpo PLC was the world's third-largest exporter of iron ore pellets. Amazon and SpaceX Want In on India's Satellite Internet Market Elon Musk Inside the Treasury Department Payment System Inside Elon Musk's Attack on the US Government The NFL's Flawed DEI Program Still Beats What Most Companies Are Doing The Internet Almost Killed Barnes & Noble, Then Saved It ©2025 Bloomberg L.P. Sign in to access your portfolio
