WTO finds that US tariffs on China breach global trade rules
GENEVA/BRUSSELS (REUTERS) – The World Trade Organisation ruled on Tuesday (Sept 15) that additional tariffs imposed by the United States against China in 2018 were inconsistent with global trading rules.
A three-person panel ruled that Washington had not justified why the tariffs imposed after a Section 301 investigation against China were a justifiable exception to its obligations.
New York Manufacturing Index Indicates Faster Growth In September
A report released by the Federal Reserve Bank of New York on Tuesday showed a significant acceleration in the pace of growth in regional manufacturing activity in the month of September.
The New York Fed said its general business conditions index jumped to 17.0 in September from 3.7 in August, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to rise to 6.0.
The sharp increase by the headline index partly reflected a turnaround by new orders, as the new orders index surged up to a positive 7.1 in September from a negative 1.7 in August.
The report also showed a notable acceleration in the pace of shipment growth, with the shipments index climbing to 14.1 in September from 6.7 in August.
The number of employees index also inched up to 2.6 in September from 2.4 in August, indicating modest job growth.
On the inflation front, the prices paid index also jumped to 25.2 in September from 16.0 in August, while the prices received index rose to 6.5 from 4.7.
The New York Fed also said firms remained optimistic that conditions would improve over the next six months, with the index for future business conditions climbing to 40.3 in September from 34.3 in August.
On Thursday, the Philadelphia Federal Reserve is scheduled to release its report on regional manufacturing activity. The Philly Fed Index is expected to dip to 15.0 in September from 17.2 in August.
SiriusXM names Jennifer Witz to replace longtime CEO Jim Meyer
Satellite radio giant SiriusXM named Jennifer Witz to replace its longtime chief executive Jim Meyer, who will retire on Dec. 31.
Witz, the company’s president of sales, marketing and operations, will be the first woman to hold the top job. Meyer, who held the role of CEO since 2013, said his decision to retire has “long been in the works.”
Meyer has recently been in the news for trying to broker an agreement with Howard Stern to extend his contract. Negotiations have gone on for several months, with Meyer saying as recently as last week that he is “optimistic” about the outcome.
Under Meyer’s reign as CEO, Sirius was able to grow subscribers to just over 34 million as of June 30 and beef up the firm’s podcast offering with the acquisition of Stitcher and Pandora within the last two years.
Meyer will remain on Sirius’ board of directors and serve as vice chairman after he retires.
Share this article:
Stock Alert: Mersana Therapeutics Down 6%
Shares of Mersana Therapeutics Inc. (MRSN) are losing more than 6 percent or $1.51 in Tuesday’s morning trade at $22.66 despite no company-centric news that could influence the stock.
Cambridge, Massachusetts-based Mersana Therapeutics is a clinical stage biopharmaceutical company focusing on the development of antibody drug conjugate or ADC targeting cancers. The company’s lead drug candidate is XMT-1536, which is in the expansion portion of a phase I proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma.
Mersana Therapeutics has traded in a range of $1.32 to $24.97 in the past 52 weeks.
Stock Alert: Jounce Therapeutics Touches New High
Shares of clinical-stage immunotherapy company, Jounce Therapeutics, Inc. (JNCE) are rising more than 14% Tuesday morning and touched a new high at $10.25.
The stock more than doubled from early this month, following Gilead Sciences’ investment in the company to develop and commercialize Jounce’s novel immunotherapy program, JTX-1811.
Gilead has agreed to pay $85 million upfront and $35 million in equity investment.
Jounce plans to submit New Drug application for its drug candidate, JTX-1811 in the first half of 2021. JTX-1811 is a monoclonal antibody designed to selectively deplete immunosuppressive tumor-infiltrating T regulatory (TITR) cells.
Netanyahu joins Bahrain, UAE ministers at White House for peace signing
WASHINGTON (AFP) – Israeli Prime Minister Benjamin Netanyahu and the foreign ministers of Bahrain and the United Arab Emirates arrived on Tuesday (Sept 15) at the White House to sign historic accords normalising ties between the Jewish and Arab states.
US President Donald Trump was to meet in turn with the Israeli leader, UAE Foreign Minister Abdullah bin Zayed Al-Nahyan and Bahrain Foreign Minister Abdullatif al-Zayani, before a signing ceremony for the US-brokered peace deal.
This is a developing story.
Sandvine Says It Will No Longer Sell Its Products in Belarus
The U.S. technology companySandvine Inc. said it had terminated an agreement with Belarus and would no longer sell its products in the country.
The company’s technology, which is used to filter and manage internet networks, had been used by a state-run internet agency in Belarus to block thousands of websites in the country amid nationwide protests over a disputed election, Bloombergreported on Aug. 28.
Sandvine said in a statement on Tuesday that a preliminary investigation had determined that authorities in Belarus may have developed and inserted “custom code” into its products “to thwart the free flow of information during the Belarus election.”
“This is a human rights violation and it has triggered the automatic termination of our end user license agreement,” according to the statement. “Sandvine takes human rights abuses very seriously. We also abhor the use of technology to suppress the free flow of information resulting in human rights violations.”