Source: Sharecast
The European pharmaceutical industry has condemned the US move to put 15% tariffs on medicines imported from the EU, calling the taxes a “blunt instrument” that would harm patients on both sides of the Atlantic. They were responding to a White House text of the deal that inferred the 15% baseline rate on imports from the EU would also apply to drugs if the agreement is implemented on the US side on Friday as expected. – Guardian
British business activity is expected to shrink at its fastest pace since the depths of the pandemic in 2020 amid a “wave of pessimism” since Labour took power. Economists warned the “negative sentiment” had no end in sight, with activity across “all parts” of the British economy expected to keep shrinking over the next three months, according to the Confederation of British Industry (CBI). Its latest barometer of private sector output showed businesses were still reeling from the impact of Rachel Reeves’s autumn tax raid, with consumer-facing sectors hit hardest by the £25bn increase in employers’ National Insurance. – Telegraph
Apple is expected to launch its first foldable iPhone next year in a radical move likely to deliver a $65bn (£49bn) sales windfall for the tech giant. On Tuesday, analysts at Wall Street bank JP Morgan said the long awaited flip phone would form part of the new iPhone 18 lineup due in September 2026 and cost $1,999. The book-style device is likely be similar to the Galaxy Z Fold series, and will see Apple join the likes of Samsung which has been selling foldable smartphones since 2019. – Telegraph
Robey Warshaw, the boutique London-based advisory firm that counts former chancellor George Osborne among its five partners, has been bought by the US investment bank Evercore for £146 million in a cash and share deal. It is unclear how the proceeds will be divided among the five partners and the dozen other staff employed in its Mayfair headquarters. – The Times