Business
The tech wars between America and China have escalated as Joe Biden issued an executive order prohibiting future private-equity and venture-capital investments in certain advanced technologies in China, including artificial intelligence, quantum computing, and semiconductors. Companies investing in these industries in China will also be required to inform the government of their activities. While the administration claims this decision is based on national security concerns, it may risk undermining efforts to ease diplomatic tensions with Beijing.
Siemens Energy, a major wind power provider, has warned that it expects losses of €4.5bn ($5bn) this year due to ongoing issues with rotor blades and bearings in certain onshore turbines. The company also stated that offshore projects that have already been committed to contractually cannot be completed profitably if implemented by the customer. Vestas, the world’s largest wind turbine provider, reported a quarterly loss but remains hopeful of achieving an annual profit. The wind power industry is facing challenges such as rising costs, supply-chain problems, and backlogs despite the increasing demand for wind power.
Novo Nordisk has released the results of its latest trial for its obesity drug, Wegovy, which showed that patients who took the treatment had a 20% lower risk of experiencing a heart attack or stroke. Meanwhile, Eli Lilly has raised its revenue and profit forecasts due to surging sales of its diabetes and weight-loss medicine. Both companies’ share prices have reached record highs.
2023-08-10 07:34:36
Source from www.economist.com
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