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Live news: Calpers chief investment officer to step down after less than two years

by Stella Morgan

Novartis, one of the largest Swiss drugmakers, is planning to spin off its generics business, Sandoz. The proposal is valued at up to $25 billion and will be put to vote by shareholders. The company’s board unanimously supports this move, which aligns with a trend among pharmaceutical companies to focus on higher-value innovative treatments by selling divisions that produce off-patent medicines. Novartis follows the lead of Pfizer and other rivals in this strategy.

Meanwhile, the UK economy continues to face challenges as data on insolvencies in England and Wales during August is set to be published. This will provide further insight into the economic woes the country is experiencing. The UK economy saw more contraction than expected in July and the value of mortgages in arrears reached its highest level in seven years during the second quarter. These indicators suggest a struggling economy that may require further attention and intervention.

In France, air traffic controllers are planning to start a nationwide strike over inflation and pay. This strike, taking place during the second weekend of the Rugby World Cup tournament, could potentially cause chaos for travelers. Flights crossing French airspace to and from other countries could also be affected. This highlights the ongoing tension and challenges faced by labor unions and workers’ rights movements.

London Fashion Week is set to open at 180 Strand, showcasing some of the industry’s top designers over a five-day program. Featured designers include Bora Aksu, Burberry, JW Anderson, KNWLS, Molly Goddard, Paul Costelloe, Richard Quinn, Roksanda, and Simone Rocha. This event is known for showcasing cutting-edge fashion and trends, attracting industry professionals and fashion enthusiasts from around the world.

NATO’s chiefs are gathering in Oslo for their annual Military Committee Conference. This meeting will address important defense matters and provide an opportunity for key decision-makers to discuss strategic developments and challenges faced by the alliance. As security concerns continue to evolve, it is essential for NATO to maintain a strong and united front.

The European Central Bank (ECB) is convening in Santiago de Compostela for an informal meeting. The President of the ECB, Christine Lagarde, and the bank’s board will discuss the global economy and appoint a new board member. The ECB plays a crucial role in shaping monetary policy and maintaining financial stability within the eurozone. These discussions will be vital in ensuring the continued effectiveness of the ECB’s actions and decisions.

Overall, these events and developments happening around the world reflect the interconnectedness of various industries and economies. From the pharmaceutical sector to fashion, from defense alliances to central banking, each plays a role in shaping our global landscape. Understanding and staying informed about these issues is crucial for individuals and businesses alike.

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