Novartis, the Swiss drugmaker, will hold a shareholder vote on whether to spin off its Sandoz generics business worth up to $25 billion. The company’s board has unanimously supported the proposal, following a trend among pharmaceutical competitors like Pfizer, to sell off divisions that manufacture off-patent medicines. This move would allow Novartis to focus more on innovative treatments, which have higher value.
In the UK, the publication of data on insolvencies in England and Wales during August will provide further insight into the current state of the economy. The UK economy experienced a larger contraction than expected in July, and the value of mortgages in arrears reached a seven-year high in the second quarter. These indicators point towards significant economic challenges for the country.
France is expected to face disruption as air traffic controllers begin a nationwide strike over issues of inflation and pay. This strike could cause chaos during the second weekend of the Rugby World Cup tournament and may also affect flights passing through French airspace to and from other countries.
Meanwhile, London Fashion Week kicks off at 180 Strand, showcasing the works of various 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. The event provides an opportunity for designers to showcase their latest collections and trends.
In Oslo, Nato’s chiefs gather for their annual Military Committee Conference. This conference allows for key discussions on defense strategies and cooperation among member countries.
The European Central Bank (ECB) President, Christine Lagarde, along with the eurozone bank’s board, will have an informal meeting in Santiago de Compostela. The focus of the meeting will be on the global economy and the appointment of a new board member.
Overall, these events have significant implications for various industries and economic landscapes. From the pharmaceutical sector to the fashion industry, from military collaborations to central banking discussions, the outcomes of these events will shape the future trajectories of these sectors, both locally and globally.