Sarepta Therapeutics shares hit a nine-year low on Monday, dropping 42% to $18.30, following the death of a second patient who had received its gene therapy, Elevidys. Elevidys is a one-time gene therapy treatment for patients with Duchenne muscular dystrophy. The treatment has a known risk of liver failure. Sarepta said the male teen patient died of acute liver failure. Both patients were teen males and non-ambulatory. Sarepta said it was investing both cases to identify any common risk factors. The company says it is taking steps to enhance safety protocols. Sarepta temporarily stopped shipments of the treatment to non-ambulatory…
Author: Lutfi Hanon
Global economic growth is expected to slow significantly in 2025. The slowdown is attributed to U.S. tariff policies, declining global demand, alongside differing monetary and fiscal policies across countries. Morgan Stanley’s report, titled “Mid-Year 2025 Economic Outlook: Broad-Based Slowdown,” highlights that global economic growth is projected to fall to an annual rate of 2.9% in 2025, down from 3.3% in 2024. This decline is primarily driven by a slowing U.S. economy, which impacts other nations worldwide, making 2025 the weakest growth year since the COVID-19 pandemic. The report also notes that new U.S. trade policies, particularly tariff increases, have structurally…
The fourth edition of the China-African Economic and Trade Exhibition wrapped up in central Changsha, closing out with 176 signed projects worth $11.4 billion. This year’s expo closed with nearly double the deals signed in the last edition, along with a 10.6% rise in value, marking a significant step in enhancing trade relations between China and African nations. The event showcased a wide range of products and services, fostering economic partnerships and mutual growth. Over 30,000 participants and 4,500 companies attend this year’s expo. Chinese Foreign Minister, Wang Yi attended the opening ceremony, saying the four-day event would produce more…
A study analyzing the impact of AI chatbots across 7,000 workplaces in Denmark found no significant changes in earnings or recorded hours across various occupations. The National Bureau of Economic Research study found that on average, employees saved 3% of their time, while 7% or less of their productivity gains returned in the form of higher pay. The findings challenge earlier assumptions that AI would drastically alter work dynamics. The research suggests that despite the widespread adoption of AI tools, their influence on traditional metrics of labor productivity remains minimal. However, the paper found that workers allocated over 80% of…
U.S. Social Security beneficiaries behind on their student loan payments could face up to a 15% reduction in their benefits starting next month. It comes as the Trump administration recently reinstated the Treasury Offset Program (TOP), suspended during the COVID-19 pandemic. The TOP program allows the federal government to withhold funds from payments such as tax refunds, federal salaries, and social security benefits to repay debts. According to the Department of Education, nearly 200,000 borrowers started receiving official 30-day notices from the Treasury Department regarding the resumption of the debt collection program. Recipients of a TOP notice should also receive…
U.S. President, Donald Trump kicked off his four day tour of the Middle East in Riyadh today, attending the Saudi Investment Forum hosted by Saudi Crown Prince and Prime Minister, Prince Mohammed bin Salman Al Saud. The forum featured discussions on economic partnerships and investments between the U.S. and Kingdom of Saudi Arabia. The White House later announced a commitment by Riyadh to invest $600 billion following various agreements between the two countries. The gathering also underscored the importance of international collaboration in driving economic growth and innovation, with the advancement of AI high on the agenda. Tesla CEO, Elon…
The US Federal Trade Commission postponed the enforcement of its ‘click-to-cancel’ rule, designed to simplify the process of canceling subscriptions. The provision is part of the FTC’s updated Negative Option Rule. It mandates that companies clearly disclose subscription terms and ensure that canceling a subscription is no more difficult than signing up. The rule came into effect on January 19, though enforcement of specific provisions were originally set for May 14th. The Commission postponed the enforcement of the provision by 60 days, after reassessing potential challenges to meeting the original deadline. On July 14th, all regulated entities will be expected…
Saudi Aramco announced a $10 billion reduction in its dividend payout following a drop in first quarter profits. The company’s net profit dropped 5% from a year earlier to $26 billion. The decision reflects the company’s strategic adjustments amidst fluctuating global oil markets and economic conditions. It comes as Washington’s tariffs sparked market volatility and helped push oil prices lower, an outcome welcomed by the US president as he seeks to lower cost for consumers. As the world’s largest oil company, Aramco’s financial moves impact both shareholders and the broader energy sector. The dividend cut aims to preserve capital for…
U.S. President Donald Trump has consistently pushed for lower interest rates, even criticizing the Federal Reserve publicly over the matter. However, his own unpredictable trade policies have complicated the Fed’s ability to act on this request. The Fed has acknowledged its reluctance to act citing uncertainty about the future impact of tariffs. Concerns over Trump’s tariffs has increased inflation expectations, though current data shows inflation cooling in March. Additionally, the economy remains resilient, as seen in the strong April jobs report. Cutting rates in a robust economy could lead to inflation, contradicting the Fed’s mandate. While economic growth may slow…
Bill Gates announced that he will be donate 99 percent of his fortune through the Gates Foundation over the next 20 years. The Microsoft billionaire made the announcement in a blog post, saying he was inspired to make the commitment by Andrew Carnegie’s critique of wealth accumulation. Currently, Gates ranks as the world’s fifth richest person with a $168 billion fortune. In the post, Gates emphasised, “People will say a lot of things about me when I die, but I am determined that ‘he died rich’ will not be one of them.” The Gates Foundation was established in 2000 by…
