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A potential blockbuster weight-loss drug still years away from U.S. regulatory approval is already being sold online, another example of a thriving gray market for unapproved weight-loss medications, according to a Wall Street Journal review. The Journal found hundreds of merchants offering the new drug, which is being developed by Eli Lilly and is called retatrutide. Most appear to be Chinese sellers shipping directly to U.S. consumers from sites such as Made-in-China.com. Some of the sites, including ones that appear to be based in the U.S., have marketed their products via posts on Facebook , LinkedIn and Reddit. A fitness influencer has offered it for sale via his newsletter.
Persons: Eli Lilly Organizations: Wall, LinkedIn, Google Locations: U.S
A potential blockbuster weight-loss drug still years away from U.S. regulatory approval is already being sold online, another example of a thriving gray market for unapproved weight-loss medications, according to a Wall Street Journal review. The Journal found hundreds of merchants offering the new drug, which is being developed by Eli Lilly and is called retatrutide. Most appear to be Chinese sellers shipping directly to U.S. consumers from sites such as Made-in-China.com. Some of the sites, including ones that appear to be based in the U.S., have marketed their products via posts on Facebook , LinkedIn and Reddit. A fitness influencer has offered it for sale via his newsletter.
Persons: Eli Lilly Organizations: Wall, LinkedIn, Google Locations: U.S
Annis’s mother takes her into the woods at night to train her in hand-to-hand combat. Her mother’s mother, nicknamed “Mama Aza,” had been a Dahomey warrior, but was sold into slavery by her husband, the king — as punishment for falling in love with a soldier. “Annis?” her mother calls from the hallway, trying to prevent her daughter from repeating her own fate. “We done.” This brief expression of maternal protectiveness gets her mother sold, led away by a “Georgia Man” who takes her south to Louisiana. (This moment marks the end of any deep engagement with same-sex desire in the novel, making its brief appearance feel likes tokenism.)
Persons: Annis’s, “ Mama Aza, , Ward, Annis, “ Annis, protectiveness, Safi, Mama Aza, , huff, ” Annis Locations: Dahomey, Georgia, Louisiana, New Orleans, ” New Orleans
The EV segment has enjoyed a long period of exponential growth. AdvertisementAdvertisementCar companies talk a big game about the transition to electric cars. He currently has enough electric cars to last for 100 days across all brands. Though the EV share of some automakers' businesses is small, the EV segment has been enjoying a long period of exponential growth. And without more affordable options, dealers told Insider they are running out of customers to pitch their electric cars to.
Persons: carmakers, EVs, , Ford, General Motors, it's, It's, Vince Sheehy, " Sheehy, Cameron Johnson, Sheehy, Tesla, Eric Freshee, Stewart Stropp, Power, Stropp, Martin French Organizations: Service, General, Ford, Hyundai, Volkswagen, GMC, Magic City Auto Group, ICE, EV, Tamaroff Locations: Volta, Washington, D.C, Virginia, headwinds, Midwest, EVs
Home prices could drop as much as 5% next year if mortgage rates stay at this level, Morgan Stanley said. AdvertisementAdvertisementBuyers sidelined from the housing market could find some relief in 2024, as home prices could drop next year if mortgage rates stay close to their current levels, according to Morgan Stanley. The bank's strategists pointed to the recent surge in mortgage rates, with the average 30-year fixed rate climbing to 8% this week. Rising mortgage rates sidelined a good deal of buyers and sellers from the housing market through 2022 and 2023. "Longer term, if mortgage rates were to stay close to 8%, the headwinds this would represent for demand could prove to have a more negative impact on home prices," Morgan Stanley said.
Persons: Morgan Stanley, , Morgan Stanley's, That's Organizations: Service, Treasury, National Association of Realtors
Chinese stocks have wiped out all of their gains since the nation reopened its economy. Investors are fretting over the slew of economic headwinds Beijing currently faces. That's even lower than when Chinese stocks troughed last October, right before the nation announced it would start to dial back its strict lockdown measures. Over the past week alone, foreign investors dumped a net 24 billion yuan, or $3.3 billion, of onshore Chinese stocks, the most since mid-August, according to Bloomberg. Still, experts are warning of a grim future ahead of China as it battles a slew of economic headwinds.
Persons: , Ruchir Sharma Organizations: CSI, Service, Bloomberg Locations: Beijing, China, Israel, Hong, Kong
The billionaire investor said he didn't expect the S&P 500 to hit a fresh high for a long time. Cooperman said a "rolling correction" was underway and house prices were likely to drop. AdvertisementAdvertisementLeon Cooperman said stocks were overpriced, and the S&P 500 wouldn't notch a fresh high for a very long time. AdvertisementAdvertisementA handful of Big Tech names, including Tesla, Nvidia, and Microsoft, have pulled the major indexes higher this year, but excluding the so-called Magnificent Seven, stocks are virtually flat. He said in February that the S&P 500 was likely to bottom around 3,100 points, or 35% below its January 2022 peak.
Persons: Leon Cooperman, Cooperman, , Jeremy Grantham, John Hussman, Goldman Sachs, Tesla Organizations: Service, Omega Advisors, Big Tech, Nvidia, Microsoft, Wall, Finance, Philanthropy Locations: Bronx
“Clearly, the story of limited inventory and rising and rising mortgage rates continues to hinder the home sales market,” said Lawrence Yun, the NAR’s chief economist. Political Cartoons View All 1211 ImagesYun also said he expects mortgage rates will ease by next spring. Mortgage rates have been climbing along with the 10-year Treasury yield, which lenders use as a guide to pricing loans. That amounts to just a 3.4-month supply, going by the current sales pace. The combination of higher mortgage rates and rising prices has particularly hurt first-time homebuyers who don't have any home equity to put toward their down payment.
Persons: That’s, , , Lawrence Yun, Yun, Freddie Mac Organizations: ANGELES, National Association of Realtors, Sales, Treasury, U.S, Homes, NAR Locations: U.S
Being a solid coder isn't going to cut it at Citadel Securities anymore. Citadel Securities, which generated about $7.5 billion in revenue last year, is now focused on hiring thoughtful technologists who drive commercial outcomes for the firm. We're looking for people who can drive a big commercial impact for the firm," Aaron Moss, head of technology recruiting for Citadel Securities, told Insider. In one recent case, Citadel Securities extended an offer to a promising young intern, even though the hiring manager had been looking for a more experienced hire. "The industry is getting very high level with things like AI, which push people even further away from that understanding," Neff told Insider.
Persons: Ken Griffin, Aaron Moss, Josh Woods, It's, Olga Naumovich, Jayson Bevacqua, opportunistically, Damien Neff, it's, Neff, Costas Bekas, extroverts, Bekas, didn't, Moss Organizations: Citadel Securities, Citadel, Solaris Search, LinkedIn Locations: Miami
Risky biotech M&A therapy will heal more fractures
  + stars: | 2023-10-19 | by ( Jonathan Guilford | ) www.reuters.com   time to read: +8 min
NEW YORK, Oct 19 (Reuters Breakingviews) - How can a suitor offering $1 billion see eye-to-eye with a seller asking for $2 billion? Such contingent value rights, or CVRs, are a way to get around the inherent uncertainty of an unproven drug. Its $74 billion takeover of Celgene in 2019 included a $6.4 billion payout dependent on a trio of drug approvals. There have been only 27 biotech market debuts this year, raising $2.2 billion, according to LSEG data. Given the nagging fissures in valuation perspectives, however, more dealmakers are apt to try this risky M&A therapy.
Persons: Schulman, Sidley, Bristol Myers, Myers, CVRs, Andrew Weisenfeld, IPOs, , Dan Lepanto, biopharma, Eli Lilly’s, Bristol Myers Squibb, Jeffrey Goldfarb, Sharon Lam, Streisand Neto Organizations: Reuters, Dow, Marion Laboratories, LyondellBasell Industries, Mirati Therapeutics, JPMorgan, Sanofi, Health Partners, Nasdaq Biotechnology, Reuters Graphics Reuters, Reuters Graphics, Leerink Partners, Therapeutics, Public, Bristol Myers, U.S . Food, Drug Administration, Thomson Locations: Celgene, Genzyme, U.S
REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsBEIJING, Oct 19 (Reuters) - Chinese prices of chip-making metal gallium hit their highest since February this week on stronger domestic demand and growing hopes of recovering exports, analysts and suppliers said. The spot price of gallium metal reached 1,975 yuan ($269.95) per kg on Oct. 18, up 18% since the start of July and up 8% since Aug. 1, data from consultancy Shanghai Metals Market showed. The Ministry of Commerce said last month that some Chinese companies have obtained export licences for gallium and germanium products. European prices of gallium metal surged by 68% from early July to $475 per kg on Oct. 18 and was up 23% from August, data from information provider Fastmarkets showed. ($1 = 7.3162 Chinese yuan)Reporting by Amy Lv and Dominique Patton in Beijing; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.
Persons: Florence Lo, Li Yilan, Antaike, Amy Lv, Dominique Patton, Shounak Dasgupta Organizations: REUTERS, Rights, . Geological Survey, Shanghai Metals, Beijing, Commerce, Fastmarkets, Thomson Locations: China, Rights BEIJING, Beijing
Based on International Monetary Fund data on comparative international investment positions through the early part of this year, U.S. portfolio investment overseas - equity, fund shares and debt securities - stood at more than $14.5 trillion. US funds shy of overseas equityUS economic growth roaring at more than 5%US expensive for a reason? The upshot could be an ever wider U.S. deficit on its net international investment position - potentially lifting the dollar as that inflates, but leaving it vulnerable to the yawning gap and foreign investor sentiment down the road. IMF chart on US net international investment deficitUS stocks lead the packThe opinions expressed here are those of the author, a columnist for ReutersEditing by Josie KaoOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Brendan McDermid, that's, it's, Julius Baer's, Yves Bonzon, Josie Kao Organizations: New York Stock Exchange, REUTERS, Atlanta Federal, Monetary, ICI, Thomson, Reuters Locations: New York City, U.S, China, Gaza, Russia, Ukraine, Moscow, Washington, Taiwan, United States, Swiss, Switzerland, Germany
There’s no evidence fake Ozempic pens have been dispensed to patients from legal pharmacies and no indication any patients have been harmed, the EMA said in a statement. The fake pens were caught because they were packaged with real serial numbers that were flagged as inactive when the packs were scanned. “Check the patient information leaflet for Ozempic to see what the genuine Ozempic pens should look like,” the EMA said in its warning for patients. The fake pens were detected as Ozempic and similar medicines used for both diabetes and weight loss are in shortage in both the US and Europe. Both Novo Nordisk and Eli Lilly have filed lawsuits against medical spas, wellness centers and compounding pharmacies to stop them from selling what they call “unlawful” copycats.
Persons: , Dr, Sanjay Gupta, , Eli Lilly, it’s Organizations: CNN, European Union, European Medicines Agency, EMA, CNN Health, Novo Nordisk, , Nordisk Locations: United Kingdom, Germany, Europe
TikTok is working with Entrupy, a maker of product-authentication technology, to offer handbag-authentication services on its new e-commerce platform, TikTok Shop , Entrupy announced Wednesday. The partnership reflects a growing effort to build trust in TikTok Shop as the social-media company looks to establish itself as a shopping destination. It expanded to TikTok Shop in response to a growing demand for its services on the platform. TikTok and Entrupy have worked together since TikTok Shop launched in beta earlier this year. Resellers must use a third-party authentication service — either Entrupy or Real Authentication — to resell luxury handbags on TikTok Shop, according to the policies.
Persons: TikTok, Entrupy, Chanel, Prada, Vidyuth Srinivasan, Srinivasan, it's Organizations: Burberry, TikTok, eBay Locations: Entrupy, mstone@insider.com
Options for G7 discussion for a ban on Russian diamonds
  + stars: | 2023-10-18 | by ( ) www.reuters.com   time to read: +5 min
Enforcement would be government regulated through customs at a single point of entry for rough diamonds and several G7 entry points for polished stones. The proposal said a single entry point would be needed for rough diamonds without specifying where. Antwerp would be the favoured option for Belgium and the city also already handles most of the rough diamond trade. WORLD DIAMOND COUNCILThe World Diamond Council, which includes the world's largest rough diamond producer by value, De Beers, has proposed a version of the ban that is largely self-regulating. Any diamond sellers would then have to include with the stone they sell a declaration called the "G7 Diamond Protocol Declaration" that the diamond is not Russian.
Persons: De Beers, Sellers, De, WDC, Julia Payne, Jan Strupczewski, David Evans Organizations: Reuters, World Diamond Council, Belgian, Export Promotion Council, WORLD DIAMOND, Diamond Council, Russian, Thomson Locations: Ukraine, Belgium, India, France, BELGIUM, Antwerp, Russian, Botswana, INDIA, Surat, Mumbai, FRANCE
In this article WMTAMZN Follow your favorite stocks CREATE FREE ACCOUNTWalmart hosted its first seller summit for its third-party marketplace this summer. Walmart leaders gave third-party marketplace sellers an early gift, too: Waiving extra fees for storing merchandise during the peak season. Already, the company is using the third-party marketplace to try to drum up early business. About 70% of items included in Walmart Plus Week, which coincided with Amazon Prime Day in July, were marketplace items. There are signs Walmart's growing third-party marketplace could help the company defy slower spending patterns and capitalize on inflation-wary shoppers.
Persons: Doug McMillon, Santa Claus, Sam Walton, Walmart's, Tom Ward, Rick Watson, Watson, Melissa LaCognata, Jaré Buckley, Cox Organizations: Walmart, Amazon's, Amazon, Walmart U.S, eBay, RMW Commerce Consulting, Federal Trade Commission, Disney, Reebok, Lucky Locations: Las Vegas, Amazon
South Africa will be Amazon's 21st country with a local domain name-based website, challenging a slew of online retailers dominated mainly by Naspers' (NPNJn.J) Takealot.com. "The launch of Amazon.co.za in 2024 will provide independent sellers throughout the country an opportunity to rapidly launch, grow, and scale their businesses," Amazon said in a statement. The launch of its service comes at a time when South Africa has seen a sharp rise in online shopping after the pandemic created an opportunity for e-commerce to finally take hold, with retailers doubling down on investments in response. "I don't think their takeover of South Africa retail is a slam dunk," said Sasfin Wealth senior equity analyst Alec Abraham. While Amazon is expected to intensify competition with local online and traditional retailers, "the reality is that the consumer pie in South Africa is not growing," he said.
Persons: Naspers, Pascal, Alec Abraham, Mamongae Mahlare, Nqobile, Promit Mukherjee, Mark Potter Organizations: REUTERS, Sasfin Wealth, Amazon, Takealot, Reuters, Thomson Locations: Africa, JOHANNESBURG, South Africa, Egypt
Hiive, a startup that offers a marketplace for secondary shares in private tech companies, has raised $4.2 million in funding. The Vancouver-based company, founded in 2021, enables the purchase and sale of stakes in pre-IPO, venture-backed companies. Hiive, led by Sim Desai, formerly of secondaries broker Setter Capital, wants to provide a marketplace where an array of buyers and sellers can make trades. "We saw this market growing exponentially after 2021 and thought there must be an opportunity to centralize this rapidly growing market," Desai told Insider. Hiive's $4.2 million funding was led by Uncorrelated Ventures, alongside Splash Capital, Harmony Venture Partners, Hack VC, and Agmen Capital.
Persons: Sim Desai, Desai, we've, it's, Hack Organizations: Capital, Splash Capital, Harmony Venture Partners, Agmen Locations: Vancouver
Rates on the 30-year fixed mortgage hit 7.92% on Tuesday, Mortgage News Daily's Rate Index showed. High mortgage rates, expensive home prices, and low inventory have strained the US housing market. AdvertisementAdvertisementThe average rates on the 30-year fixed mortgage hit 7.92% on Tuesday, according to Mortgage News Daily's index. Rates on the 30-year fixed mortgage hit 7.92% on October 17. It's helped fuel a lock-in effect for current homeowners unwilling to move homes due to having previously secured a lower mortgage rate, keeping both sellers and buyers off the market.
Persons: , they've, Redfin Organizations: Mortgage, Service, Mortgage News Daily Mortgage, Federal
New York CNN —Victoria’s Secret, for the first time, has introduced a collection of bras and panties specifically designed to meet the needs of women with disabilities. Among the collection’s adaptive features are magnetic closures, sensory-friendly fabric, fully adjustable and convertible front straps and panties specially designed with magnetic side closures. Among the adaptive features are magnetic closures, sensory-friendly fabric, fully adjustable and convertible front straps and panties specially designed with magnetic side closures. In 2022, Kohl’s rolled out adaptive apparel options for adults in three of its most popular private-lable brands. “Notably, the children’s and intimate apparel markets have led this charge and set a high standard for the broader apparel sector, leading the way in this crucial movement.”
Persons: Yulia Gorbachenko, Kohl’s, Kristen Classi, , Organizations: New, New York CNN, Pink, Victoria, Management, Centers for Disease Control, JCPenney, “ Consumer, CNN Locations: New York, United States
Buyers and sellers alike complain of a market that only gets worse the longer they wait. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementThe slowed-down market could have impacts across the economy, forcing some potential buyers to continue renting and influencing some potential sellers to stay put. The bank remained hopeful for a turnaround but warned of more turbulence for buyers and sellers brave enough to face the market. AdvertisementAdvertisementSellers are also forced to wait and for decreasing offersMeanwhile, sellers are left waiting as well.
Persons: , Chen Zhao, Redfin, Lawrence Talej, Yonatan Hochstein, they've, We've, Desiree Edgington, She's, Edgington, Zoe Rosenberg Organizations: Service, Wall Street, National Association of Realtors, Bank of America Locations: Richmond , Virginia, New Jersey, Kansas, zrosenberg@insider.com
The average 30-year fixed mortgage rate hit a whopping 7.43% on Monday, a level unseen in the US in almost two decades. That same setup would cost $2,222 a month with today's mortgage rate. Regardless of which direction the pendulum swings, investors can still navigate their way through the housing market with a few tips. If a buyer were to purchase it today, with a 20% down payment, monthly mortgage costs would be $3,350, according to Insider's mortgage calculator. He then secured the remainder of $910,000 from a bank at an interest rate of 6.5%.
Persons: Sam Primm, Lucas Walls, Primm, there's, Sharon Tseung, Tseung, Chris Gerbig, couldn't, Gerbig, he's, Matthew Tortoriello, Tortoriello, Ana Snider Organizations: Primm, San Francisco Bay Area, MLS, Federal Housing Administration, Department of Veteran Affairs, Department of Agriculture Locations: Primm, San Francisco Bay, Jacksonville , Florida, Lemoore , California
On the phone was 28-year-old Jimmy Zhong, a local party boy and Georgia alum who frequented Athens' drinking establishments. Robin Martinelli, Martinelli Investigations owner and private investigator. Martinelli said Zhong appeared resistant to her theories, especially when they began to focus on his circle of friends. Source: Zhong's social media profileHis parties were epic. Source: Zhong's social media profile
Persons: Jimmy Zhong, Zhong, Robin Martinelli, Martinelli, Montel Williams, " Martinelli, Jimmy, Zhong didn't, Louis Vuitton, Gucci, Jimmy Choo, didn't, he'd, Satoshi Nakamoto, Stefana, CNBC Masic, Zhong couldn't, Jody Thompson, Thompson, Trevor McAleenan, Shaun MaGruder, McAleenan, that's, MaGruder, I've, wasn't, Trevor, I'm, coders, Nathaniel Popper, Popper, Bitcoin, Nobody, bitcoin, Michael Bachner, John Garland, Bachner, Ross Ulbricht, Chad Organizations: University of Georgia, Clarke County Police Department, rowdies, Clarke County Police, CNBC, Department of Justice, Martinelli Investigations, Broad, College, Ritz Carlton, Waldorf, Georgia Bulldogs football, Rose, IRS, Silk, Clarke, Investigators, Misfits, . Locations: Athens, Georgia, bitcoin, It's, Loganville , Georgia, Zhong's, Gainesville , Georgia, Los Angeles, Beverly Hills, LA, Gainesville, Chad, Clarke County, Montgomery , Alabama, U.S
Stubbornly high mortgage rates have taken a toll on builder sentiment, the group said. AdvertisementAdvertisementHomebuilder confidence just plunged to its lowest mark in 10 months, the National Association of Home Builders announced on Tuesday. The group cited stubbornly high mortgage rates as the primary drag on confidence. On Tuesday, rates on the 30-year fixed mortgage hit 7.92%, according to Mortgage News Daily's index. Buyers and sellers alike have largely been kept on the sidelines as mortgage rates hover near multi-decade highs and moving homes looks unattractive.
Persons: , Alicia Huey, Robert Dietz, Dietz Organizations: Service, National Association of Home Builders, Market, Mortgage, Builders, Federal Locations: Wells Fargo
Realtors Face an Antitrust Reckoning
  + stars: | 2023-10-16 | by ( The Editorial Board | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/burnett-v-national-association-of-realtors-home-buyers-sellers-brokers-commission-7e58fda0
Persons: Dow Jones, 7e58fda0 Organizations: realtors
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