Business

The European Commission says it has fined the Israeli generic drug maker, Teva, more than €460m for improperly seeking to protect the patent for its multiple sclerosis drug and for disparaging a rival company’s development of a competing medicine. ADVERTISEMENT The European Commission said the pharmaceutical firm “misused the patent system to artificially extend patent protection” for its blockbuster MS …

Eurozone inflation hit 2% in October, exceeding forecasts and up from September’s 1.7%, driven by services and food prices. Germany witnessed unexpected price increases. The euro strengthened. ADVERTISEMENT Inflation in the eurozone accelerated in October, with the consumer price index reaching 2% year-over-year, surpassing economist predictions of 1.9% and marking an uptick from 1.7% in September, according to flash estimates …

The Spanish economy has shown robust growth in recent years, although experts question how long it will last. ADVERTISEMENT Spain’s economy grew 3.4% year-on-year in the period from July to September, according to new data from Eurostat out on Wednesday. That figure stands above growth rates seen in other nations, with the eurozone average coming in at 0.9%. One reason …

Europe’s second-largest car maker, Stellantis, reported that its net revenues slumped by 27% in its latest earnings update as it aims to slim down its inventory and launch new products. ADVERTISEMENT Troubled carmaker Stellantis reported net revenues of €33bn for the three months to 30 October, which equates to 27% less compared with last year’s €45bn. The company, which owns …

A key manufacturing index in China turned positive in October after months of contraction ADVERTISEMENT A closely watched survey on manufacturing in China has edged into positive territory after months of contraction, the government statistics agency said Thursday. The Purchasing Managers’ Index rose to 50.1. A reading above 50 indicates an improvement over the previous month. It was the first …

Starbucks’ new Chairman and CEO Brian Niccol wants customers to get their orders hand-delivered by a barista in four minutes or less, a goal that will be central as he tries to reinvigorate the company’s sagging sales. ADVERTISEMENT “We have to make it easier for our customers to get a cup of coffee,” Niccol said in his first conference call …

Microsoft and Meta both surpassed market expectations in their September quarter earnings. However, investors are concerned about their ongoing rising spending on AI, weighing on growth outlooks. ADVERTISEMENT Microsoft and Meta reported September quarter earnings that beat market expectations but failed to impress investors with their guidance, sending both shares down more than 3% in after-hours trading. Microsoft’s shares were …

Volkswagen is closing three plants in Germany, and Audi is halting production in Belgium, sparking fears of a crisis in Europe’s car industry. However, some see it as part of a necessary transition. ADVERTISEMENT Germany’s auto industry is preparing for a big shift in employment as it transitions toward electric vehicles (EVs). A recent study estimates that 186,000 jobs could …

High profit and progress on the integrations of collapsed competitor Credit Suisse were the key takeaways of the bank’s quarterly report. ADVERTISEMENT Swiss bank UBS AG has reported a net income of $1.4bn (€1.3bn) for its third quarter, around double that was expected by market analysts.  The profit translates to earnings per share at 43 cents.  The lender returned to …

UK Treasury chief Rachel Reeves unveils budget with £40bn in tax hikes and says she’ll “invest, invest, invest”. ADVERTISEMENT British Finance Minister Rachel Reeves has unveiled her budget plans in a speech on Wednesday and announced that taxes will be raised by £40bn. In the Labour Party’s first Autumn Statement in 14 years, Reeves also said National Insurance contributions for …