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<span class=”text”>© Reuters. GSK logo is seen in this illustration taken on January 17, 2022. REUTERS/Dado Ruvic/Illustration</span>
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<p>(Reuters) -Britain’s GlaxoSmithKline (NYSE:) has agreed to buy California-based biopharmaceutical company Sierra Oncology (NASDAQ:) in a cash deal valued at $1.9 billion, the companies said on Wednesday, as it seeks to bolster its blood cancer business. </p> <p>Shareholders in Sierra, which focuses on targeted therapies for the treatment of rare forms of cancer, will receive $55 per share of common stock in cash, GSK said.</p> <p>That’s a 39% premium to Tuesday’s closing price and about two thirds more than the volume-weighted average price (VWAP) over the last 30 trading days, it said.</p> <p>The deal comes as Sierra prepares to apply in the second quarter for U.S. marketing approval for its experimental drug momelotinib, used to treat anaemic patients with a type of bone marrow cancer. </p>
<p>Data from a late-stage clinical trial showed in January it was successful in reducing disease symptoms and also cut patients’ dependence on blood transfusions. </p> <p>The acquisition will complement GSK’s multiple myeloma treatment, Blenrep, GSK said. Myeloma is a type of blood cancer that develops from cells in the bone marrow called plasma cells.</p>
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<span class=”text”>© Reuters. FILE PHOTO: A man wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak, walks past an electronic board displaying Japan’s Nikkei index and various countries’ stock market index prices outside a brokerage in Tokyo, Japan, February 22</span>
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<p>By Alun John</p> <p>HONG KONG (Reuters) – Asian shares and U.S. futures rose on Wednesday as U.S. inflation figures were not as high as markets had feared, causing U.S. yields to pause their march higher. </p> <p>Share market sentiment was capped, though by, higher oil and other commodity prices after Russian President Vladimir Putin said that on-and-off peace negotiations with Ukraine “have again returned to a dead-end situation for us”, which kept the euro stuck at a five week low. </p> <p>Much weaker-than-expected import data from China also weighed on the outlook, though it added to views Beijing will have to ease policy again soon.</p> <p>MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1%, lead by Korea’s , which was up 1.5%. jumped 1.97%.</p> <p> futures gained 0.67% and Nasdaq futures gained 0.65% in Asia trade, but EUROSTOXX 50 futures lost 0.2%, weighed down by Putin’s comments.</p> <p>Data published on Tuesday showed U.S. monthly consumer prices increased by the most in 16-1/2 years in March as war in Ukraine boosted the cost of gasoline to record highs, cementing the case for a 50 basis points interest rate hike from the Federal Reserve next month.</p> <p>However, monthly underlying inflation pressures moderated as goods prices, excluding food and energy, dropped by the most in two years.</p> <p>The data sent U.S. yields lower on Tuesday, snapping seven straight sessions of gains, though they regained a little ground late in the day and in Wednesday trade. </p> <p>The yield on was at 2.7462%, compared to an over three-year peak of 2.836%, before the inflation data.</p> <p>The two year yield was 2.3973%.</p> <p>The moves in yields “gave a nod to the rhetoric that U.S. inflation has likely peaked or is very close to it,” said Clara Cheong, a strategist at JPMorgan (NYSE:) Asset Management. </p> <p>”While this is unlikely to change the trajectory of the Fed from hiking 50 basis points in May, if inflation continues on this path there will be less pressure on them to be overly aggressive in the second half of the year.” </p> <p>”However, equity markets gave back gains as oil rose back above $100 barrel as progress in Russia-Ukraine peace talks came to a standstill and China started reopening Shanghai very gradually.” </p> <p> briefly dropped below $100 earlier this week, but rallied sharply on Tuesday, and largely held its gains on Wednesday. </p> <p>Brent crude futures were up 0.1% at $104.75 a barrel and U.S. West Texas Intermediate were steady at $100.7. </p> <p>Commodities analysts at CBA attributed the gains in oil to Putin’s statement, which also caused agricultural commodities to gain, as “the already small risk that Black Sea supplies might normalise to any degree through mid‑year is likely down to zero.” </p> <p>Corn futures were back near last month’s 11 year high.</p> <p>Chinese share markets were choppy after data which showed China’s export growth held up well in March, but imports fell 0.1%, the first decline since August 2020 and much worse than analysts’ 8% growth forecast. </p> <p>Chinese blue chips recovered from earlier losses to trade flat, lagging most of the region. </p> <p>For currency markets, Putin’s remarks were a major driver with the euro pinned to a five-week low and commodity currencies finding support due to the higher oil prices. () </p> <p>The New Zealand dollar had a busy day, rising as high as $0.6901 and falling as low as $0.6808 after the Reserve Bank of New Zealand raised interest rates by a chunky 50 basis points — its most aggressive hike in over two decades — but tempered its rate outlook. It was last down 0.34% at 0.6823. </p>
<p>The Bank of Canada meets later on Wednesday and is also expected to deliver a sharp hike.</p> <p> gained 0.3% higher to $1,973.1 an ounce. [GOL/] </p>
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<span class=”text”>© Reuters. </span>
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<p dir=”ltr”>By Peter Nurse </p>
<p dir=”ltr”>Investing.com – European stock markets are expected to open in a mixed fashion Wednesday, with investors weighing the risks associated with soaring inflation, central bank policies and the ongoing Ukraine conflict.</p>
<p dir=”ltr”>At 2:05 AM ET (0605 GMT), the contract in Germany traded 0.6% higher, while in France dropped 1.3% and the contract in the U.K. fell 0.1%.</p>
<p dir=”ltr”>Hopes for a prompt end to the war in Ukraine received a blow late Tuesday after Russian President Vladimir Putin vowed to continue the invasion, stating that peace talks with Ukraine were “at a dead end”, while suggesting the seven-week offensive is going to plan.</p>
<p dir=”ltr”>U.S. President Joe Biden said for the first time that Moscow’s invasion of Ukraine amounts to genocide, and the United States is reportedly set to announce an additional $750 million in military assistance, in a sign the war is expected to drag on.</p>
<p dir=”ltr”>Elsewhere, the highly-anticipated rose 8.5% year-on-year in March, its highest level since late 1981. However, U.S. yields weakened on Tuesday, snapping seven straight sessions of gains, as some traders saw the CPI release as not as bad as previously feared. </p>
<p dir=”ltr”>The yield on was at 2.75% early Wednesday, compared with an over-three-year peak of 2.836% before the inflation data.</p>
<p dir=”ltr”>The U.K. equivalent rose more than expected Wednesday, up 7% on the year in March, to a 30-year high, up 1.1% . </p>
<p dir=”ltr”>These inflationary pressures are likely to keep the on its tightening path, with the U.K. central bank having already lifted interest rates back to pre-pandemic levels, hiking at three consecutive meetings for the first time since 1997.</p>
<p dir=”ltr”>The is set to hold its latest policy setting meeting on Thursday, and the pressure is mounting on the policymakers to tighten its monetary policy with data released Tuesday showing consumer price inflation rising 7.3% on the year.</p>
<p dir=”ltr”>In corporate news, European auto conglomerate Stellantis (PA:) said it would sell its entire stake in an auto financing joint venture with Dongfeng to the Chinese car maker as part of its plans to consolidate its own financial services.</p>
<p dir=”ltr”>Oil prices edged higher Wednesday, continuing the previous session’s hefty gains with concerns remaining about the market becoming even tighter if Russian supply is further reduced.</p>
<p dir=”ltr”>Russian President Vladimir Putin’s comments that peace talks had come to a dead end have raised fears that the European Union could embargo Russian crude to further punish Moscow.</p>
<p dir=”ltr”> cut its forecast for growth in world oil demand in 2022 on Tuesday, but the U.S. Energy Information Administration forecast that U.S. power consumption will rise in 2022 and 2023 as the economy grows.</p>
<p dir=”ltr”>While stockpiles rose by 7.8 million barrels last week, the reported Tuesday, gasoline inventories fell by 5 million barrels, an indication of strong U.S. fuel demand.</p>
<p dir=”ltr”>The official crude oil supply data from the is due later in the day.</p>
<p dir=”ltr”>By 2:05 AM ET, U.S. crude futures traded 0.2% higher at $100.75 a barrel, while the contract rose 0.3% to $104.99. Both benchmarks climbed more than 6% in the previous session.</p>
<p dir=”ltr”>Additionally, fell 0.3% to $1,970.60/oz, while traded 0.1% higher at 1.0841.</p>
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<span class=”text”>© Reuters. FILE PHOTO: A general view of the luxury Burj al-Arab Hotel at Jumeirah area in Dubai, UAE December 9, 2015. Picture taken December 9, 2015. REUTERS/Karim Sahib</span>
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<p>By Lisa Barrington and Farah Master</p> <p>DUBAI/HONG KONG (Reuters) – It’s been the subject of quiet speculation among diplomats and executives for years, but now global casino bosses are setting their sights on a once improbable prize: gambling in the United Arab Emirates</p> <p>Ras Al Khaimah (RAK), one of the smaller and lesser-known of the seven emirates, said earlier this year that it planned to regulate gaming in some resorts. On the same day, Las Vegas casino giant Wynn Resorts (NASDAQ:) said it would build a resort licensed for gaming, or gambling, on a man-made island. </p> <p>The announcements could mark a watershed moment for the Gulf, a region that has traditionally imposed stricter Islamic rules than other parts of the Middle East, and one where gambling has long been off-limits. </p> <p>Currently, those seeking a flutter head to the likes of Lebanon’s Casino du Liban or some upmarket Egyptian hotels.</p> <p>Yet times may be changing. </p> <p>Two sources familiar with the matter told Reuters that gambling in some form would be permitted in the UAE, but that it would be up to each emirate to decide whether and how to regulate it, similar to how Sharjah prohibits alcohol sales unlike other emirates. The sources said it would happen soon, without providing a specific timeframe.</p> <p>Other global casino and hotel brands which have moved into the UAE could benefit should RAK pave the way for other emirates to follow – with many eyes on the bigger and glitzier jackpot of Dubai, a global tourist magnet, where gaming is currently banned.</p> <p>Caesars (NASDAQ:) Palace, which opened in Dubai in 2018 and is the only one of U.S. giant Caesars Entertainment’ resorts globally without a casino – told Reuters that it would examine any possibility of offering gambling in Dubai.</p> <p>”That acceptance now that there is going to be the potential of gaming in the UAE, in whatever form it’s going to be, allows people like Caesar’s and MGM as well to look at that closely,” said Anthony Costa, regional president at Caesars Palace. “I think it’s wonderful.” </p> <p>”Like anybody, if a license is able to be bid for, any global gaming company is going to want to be actively involved in the conversation,” he added.</p> <p>About 10 km along Dubai’s coast from the Caesars resort, digging has begun on another artificial outcrop to support a luxury resort by Las Vegas gambling stalwart MGM Resorts (NYSE:) International. </p> <p>When asked whether it would consider introducing gaming at the resort, MGM said “gaming has not been part of the planning and there are no updates to our plans”.</p> <p>A year ago Dubai, traditionally the most liberal emirate, denied rumours circulating on social media and among the business community that several hospitality venues had been granted gambling licences. </p> <p>The UAE government media office, as well as the media offices of the emirates of Dubai, Abu Dhabi and Sharjah, did not respond to requests for comment on RAK’s plan to regulate gambling and whether they planned to make similar shifts. </p> <p>EMIRATES VS SAUDI</p> <p>The prospect of casinos plays out against the backdrop of intense competition in the Gulf, with business and tourism hub UAE vying with rapidly-opening Saudi Arabia to become the go-to destination in a region pivoting away from oil. </p> <p>The UAE, where foreigners make up 90% of the population, has already moved in other areas to keep first mover advantage over Saudi Arabia, the largest and most conservative Gulf state.</p> <p>The Emirates switched to a Saturday-Sunday weekend this year to move closer to global markets, from the Friday-Saturday break common in many Muslim nations. In the past 18 months, the UAE has overhauled laws and regulations, including decriminalising alcohol consumption and pre-marital cohabitation. </p> <p>The country has also found ways to offer some potentially lucrative games of chance.</p> <p>In 2020 a national “Loto” was launched, for example. Players purchased a “collectable” picture of an iconic UAE scene, such as the Burj al Arab hotel, for 35 dirhams ($9.50) and were entered into a draw. Now players seeking to enter the draw purchase a bottle of water to be donated to charity to win a top prize of 10 million dirhams.</p> <p>The game was deemed Sharia compliant by virtue of there being an “exchange of value” in the purchase of the collectable or bottle.</p> <p>Horse racing fans at some UAE racecourses can also enter for free a ‘pick six’ competition across a number of races for the chance to win 40,000 dirhams. </p> <p>Yet, while RAK’s intentions are clear, big question marks remain over how it or other emirates would actually license gaming, until a prohibition is removed from the federal penal code, which was overhauled as recently as January.</p> <p>RAK stressed that its regulations, being developed by the recently created Department of Entertainment and Gaming Regulation, would push for responsible gaming.</p> <p>”Gaming is a responsible form of entertainment and leisure tourism that takes into consideration community, cultural and social norms,” the Ras Al Khaimah Tourism Development Authority told Reuters. </p> <p>It did not answer questions about how its plans would work alongside the federal prohibition. </p> <p>Wynn told Reuters that the definition of gaming and types of games permitted would be determined by the regulator. </p> <p>FOREIGNERS ONLY?</p> <p>RAK’s gaming regulations are being shaped by those of Singapore and the United States, according to Wynn Resorts and Vitaly Umansky, a gambling industry analyst at the Sanford C Bernstein investment company in Hong Kong who is familiar with the Wynn project.</p> <p>”Like Singapore, the country is looking to gaming to help drive tourism and has allowed gaming to occur in an integrated resort format for just such purpose,” Umansky said.</p> <p>He added that gaming in RAK would likely be limited to foreigners. </p> <p>The UAE also appears unlikely to develop resorts that rely primarily on gaming revenues, or foreground gaming, with slots and tables forming part of a wide entertainment offering. </p>
<p>”The regulatory environment would be the kind that hides the casino, kind of like Singapore but even more so. It won’t be like Vegas where the casino is out there,” Umansky said of Wynn’s proposals, which are currently in the design phase.</p> <p>Caesar’s Costa said big resort brands did not necessarily need to operate their gaming side: “They are great hotels in themselves.” </p>
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<span class=”text”>© Reuters. FILE PHOTO: The logo of Stellantis is seen on a company’s building in Velizy-Villacoublay near Paris, France, February 23, 2022. REUTERS/Gonzalo Fuentes</span>
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<p>PARIS (Reuters) – Stellantis said on Wednesday it would sell its entire stake in an auto financing joint venture with Dongfeng to the Chinese car maker and consolidate its own financial services in China into a new structure it fully owns.</p> <p>”As we continue our push to drive profitable growth in China, we need to also reset our financial services offering in the country,” said Carlos Tavares, the chief executive of Stellantis, in a statement. </p> <p>One of Stellantis’ financing units and car maker DPCA – co-owned by Stellantis and Dongfeng – have entered into an equity transfer agreement with Dongfeng aimed at transferring the whole of their joint auto financing assets to the Chinese company. </p> <p>In return, Stellantis said it would create a new structure, called Auto Finance Company (AFC). </p>
<p>The proposed transaction should be completed during the second half of 2022, pending regulatory approval, the car maker added. </p> <p>In its new push for more profitability under CEO Tavares, the European auto conglomerate resulting from the merger of Peugeot (OTC:) maker PSA and Fiat Chrysler had previously restructured its credit business in Europe and the United States. </p>
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