Mandiri Investasi Saham, Menara Mandiri 1 Lt. 24-25 Jalan Jend Sudirman Kav. 54-55, Jakarta (2026)

14/07/2024

Boeing begins 777-9 certification flight trials with US FAA

Boeing has started certification flight testing of its long-delayed 777-9 with U.S. aviation regulators onboard, the U.S. planemaker said in an emailed statement.

The company said it conducted its first flight on Friday night after receiving Type Inspection Authorization (TIA).

The development is a boost for Boeing (NYSE:BA), which has been grappling with production and legal issues since a Jan. 5 mid-air panel blowout on a 737 MAX plane.

The news was first reported by Air Current.

The U.S. Federal Aviation Administration (FAA) while declining to comment on specific certification projects, said "Generally, this kind of thorough process takes many months."

The 777-9 is part of the 777X project to upgrade the 777 wide-body jet. The project has been in development since 2013 but has faced multiple hold-ups, including certification delays.

Type inspection authorization is typically associated with the start of the certification process, made after the FAA has examined technical data. The milestone allows FAA pilots to participate in flight testing needed to certify the plane for normal operation.

The chairman of Emirates, the plane's biggest customer, said in May he did not expect the certification before the first quarter of 2025.

Boeing has said that the 777-9 test fleet will undergo the most thorough commercial flight test effort the planemaker has ever undertaken.

13/07/2024

Chuck Close's estate settles lawsuit against Cigna over medical bills

The estate of Chuck Close, the artist known for massive photorealist portraits of himself and others, settled a lawsuit accusing Cigna (NYSE:CI) of failing to pay hundreds of thousands of dollars for needed medical care in the last years of his life.

In a filing late Friday in Manhattan federal court, a lawyer for Close's estate said both sides reached an agreement in principle to settle, and expect to complete a settlement within 45 days and dismiss the case. Terms were not disclosed.

Cigna, the insurer's lawyer and the lawyer for Close's estate did not immediately respond to requests for comment.

Close died in August 2021 at age 81.

He used a wheelchair after being paralyzed in 1988 with a rare spinal artery rupture, and was later diagnosed with Alzheimer's disease and frontotemporal dementia. Close began receiving in-home nursing care in 2015.

The estate sued Cigna in August 2022 for $686,723 in "wrongly denied benefits" plus interest.

Last December, a judge dismissed Cigna's counterclaim to recoup $357,684 for services it believed were not medically necessary.

Close's larger-than-life portraits featured many well-known subjects, including composer Philip Glass and model Kate Moss. His portraits could be indistinguishable from photographs when reproduced, as in books.

The case is Estate of Close v Cigna Health and Life Insurance Corp, U.S. District Court, Southern District of New York, No. 22-07449.

12/07/2024

Boeing warns customers of further delays on 737 Max, Bloomberg News says

Boeing has notified some 737 Max customers in recent weeks that aircraft due for delivery in 2025 and 2026 might face additional delays of three to six months, Bloomberg News reported on Thursday, citing people familiar with the matter.

Boeing (NYSE:BA) did not immediately respond to a Reuters request for comment.

Reuters reported last month citing two industry sources that Boeing informed its suppliers it was delaying a key production milestone for its 737 jet family by three months as Boeing's jet production has slowed sharply in the face of increased scrutiny from regulators, airlines and lawmakers.

The planemaker in May had said that deliveries will not increase in the second quarter as originally expected.

11/07/2024

Hedge funds turn to South Korea for next wave in AI

Hedge funds hunting for artificial intelligence-related stock market bargains are rushing into South Korea's chipmakers, betting a new wave of demand for high-end memory chips and government spending makes them more valuable.

Britain's Man Group, Singapore's FengHe Fund Management and Hong Kong's CloudAlpha Capital Management and East Eagle Asset Management are among the hedge funds seeking AI exposure in Asia that are looking to South Korean behemoths such as SK Hynix and Samsung Electronics (KS:005930), which have so far lagged the sector's rally.

"If we consider Nvidia (NASDAQ:NVDA) the king of the AI story, then Hynix is the queen," said Matt Hu, chief investment officer of $4 billion FengHe, which has been buying Hynix and Samsung this year.

FengHe and other hedge fund investors believe the AI frenzy over the past year that trebled the value of U.S.-listed Nvidia's shares to more than $3 trillion has left behind stocks such as Hynix relative to more popular Asian AI players such as Taiwan's TSMC.

But the spotlight is turning to South Korean chipmakers as technology firms in the generative AI race scurry to secure high-bandwidth memory (HBM) chips manufactured primarily by Hynix, Samsung and U.S.-based Micron Technology (NASDAQ:MU).

Hynix is the top supplier of advanced HBM memory chips to Nvidia. FengHe's Hu estimates Hynix receives a larger proportion of its revenue from Nvidia than TSMC does, but Hynix trades at 9 times its 12-month forward earnings versus 23 times for TSMC.

There are other broader tailwinds to these shares, such as the South Korean government's 26 trillion won ($19 billion) support package for the chip industry and its new 'Corporate Value-up Programme', along the lines of similar efforts in Japan and China to improve shareholder returns.

The rush of hedge fund cash into South Korea's AI sector helped the benchmark KOSPI index register its best month in seven months in June. South Korean stocks attracted the strongest inflows among Asia emerging markets so far this year, and their biggest inflows since 2008, according to LSEG data.

The rewards of being invested in South Korea outweigh the big risks, hedge funds say, namely pressure from a depreciating Korean won and restrictions on short-selling of shares in the local market.

KOSPI is trading at 10 times 12-month forward earnings, compared with Taiwan's 18 times and Japan's 15 times.

Samsung and Hynix account for about 30% of KOSPI by market capitalisation.

While Hynix shares are up more than 70% this year, Samsung is up only 12% and the overall KOSPI nearly 9%.

Beyond HBM chips, scarcity in the supply of broader memory chips has further bolstered South Korean suppliers. Samsung said last week it expected a more than 15-fold rise in its second-quarter operating profit, thanks to rising chip prices.

Sumant Wahi, a portfolio manager at Man Group focusing on technology stocks, expects prices of traditional Dynamic Random Access Memory (DRAM) chips to rise too because the chip industry has shifted too much capacity to manufacturing HBM.

"There's definitely an opportunity there," he said.

Pierre Hoebrechts, head of macro research at East Eagle Asset Management, expects Samsung to catch up in the second half due to its significant underperformance compared to TSMC this year.

The South Korean AI theme is also broadening beyond chipmakers. Chris Wang, a portfolio manager at tech-focused CloudAlpha Capital Management, has invested in electricity equipment maker HD Hyundai (OTC:HYMTF) Electric this year, betting the stock will benefit from the spurt in power consumption. Its shares are up 333% since January.

"Korea has the potential to sell more semiconductor equipment, cooling systems and even consumer electronics along with the growing AI ecosystem," said Simon Woo, Asia-Pacific technology research coordinator at BofA Securities.

The long-running Sino-U.S. technology war also ensures China keeps using South Korea's advanced memory chips, given Chinese chipmakers have so far been unable to compete while under U.S. export bans, Woo added.

10/07/2024

U.N. aviation council launches audit of US air safety oversight

The U.N. aviation council this week will launch the first audit of the U.S. civil aviation safety oversight system since 2007, a U.S. Federal Aviation Administration official told reporters on Tuesday.

The International Civil Aviation Organization (ICAO) will conduct the two-week audit with 12 auditors from 10 countries, beginning on Wednesday. Results are due in January. It will review the FAA, the National Transportation Safety Board, the Defense Department, Federal Communications Commission and other U.S. agencies involved in aviation.

There will be 790 questions covering eight areas including civil aviation legislation and regulation, aircraft accident and incidents investigations, air navigation services. Audits help the ICAO determine implementation of international standards.

A good score would allow the U.S. to demonstrate leadership in meeting robust aviation safety standards and to encourage nations around the world to do the same, the FAA official said.

The U.S. has the world's most complex airspace and has an impressive safety record with the last fatal U.S. passenger airline crash in February 2009. The last ICAO audit of the U.S. was in 2007 was under a different methodology.

The FAA also audits other countries for compliance with ICAO safety standards. The FAA downgraded Mexico in May 2021 and restored Mexico's higher rating in September, which allowed Mexican carriers to expand U.S. routes and add new service.

The FAA has struggled with a persistent shortage of air traffic controllers and a series of near-miss incidents, including some blamed on controller errors.

At several facilities, controllers are working mandatory overtime and six-day work weeks to cover shortages. The FAA is short of staffing targets by about 3,000 controllers. Last month, the FAA said it was again extending cuts to minimum flight requirements at congested New York City-area airports through October 2025, citing air traffic controller staffing shortages.

09/07/2024

Deja-vu? In Olympics push, France ramps up war on fakes

In the touristy Saint-Ouen flea market, not far from the Stade de France where athletes will compete in this summer's Paris Olympics, police officers swarmed in at dawn on April 3 and shut down 11 stores selling counterfeit bags and shoes.

They confiscated 63,000 items of clothing, shoes and leather goods, including fake Louis Vuitton and Nike (NYSE:NKE) products, and threw them into garbage compactor trucks on the spot. Ten people were arrested.

Michel Lavaud, police security chief for the Seine-Saint-Denis suburb that will host Paris 2024 athletics and swimming events as well as the closing ceremony, described the operation as part of a pre-Olympics crackdown on knockoffs.

Fake fashion is big business. Counterfeit branded clothing alone is estimated to have cost companies in France 1.7 billion euros ($1.83 billion) in lost sales on average each year between 2018 and 2021, according to the European Union Intellectual Property Office.

"We've been talking about the problem of counterfeits for the last two years," Lavaud said, adding the police was looking to intensify its efforts. The raid in the world's fashion capital bears some similarity to clean-ups carried out by previous Olympic hosts like Beijing in 2008, which had mixed results, as well as London in 2012 and Rio in 2016.

But the police crackdown on street merchants in Seine-Saint-Denis, where one in three lives in poverty according to French national statistics, has drawn criticism for pushing people already in economically precarious situations into further difficulty.

Axel Wilmort, a researcher with French social science institute for urban studies LAVUE, said he had noticed a sharp increase in police presence and repression of informal market sellers on the outskirts of Paris over the last three months, with frequent police patrols and the installation of metal barriers preventing vendors from setting up stalls.

"There is a will to erase all signs of precarity, poverty and undesirables," he said, adding that law enforcement officers often do not differentiate between counterfeit sellers and vendors of legal second-hand wares.

Police in Paris did not respond to a request for comment.

Police raids on informal merchants near Paris' iconic Montmartre hillside have multiplied since February, with 10 carried out over four days in early June to dismantle a market of around 1,000 sellers, according to a letter, seen by Reuters, from the district mayor to the interior minister. Seventy tonnes of products were destroyed in March alone, the letter said.

Reuters documented in April how street vendors have been caught up in a vast police operation aimed at ridding deprived Paris suburbs of petty crime before the Games.

LUCRATIVE GAME

The roughly 15 million visitors expected to attend the Olympics in Paris - a magnet for luxury goods shoppers - are a tempting target for sellers of fake designer items.

Sensing a threat to branded merchandise, Paris 2024 organizers and the International Olympic Committee both became members of French intellectual property protection association UNIFAB last year. The organisation works with brands to raise awareness around the risks linked to fake products, which often breach safety regulations and help fund illegal activities.

We've been working a lot ahead of the Olympic Games," said UNIFAB's CEO Delphine Sarfati-Sobreira.

Paris 2024 sponsor LVMH, the world's biggest luxury conglomerate, is a prominent member. LVMH did not respond to a request for comment on the recent anti-counterfeit measures. The company has said it works closely with authorities and customs officials to enforce its intellectual property rights and to defend consumers from counterfeiters.

France had already dialled up its fight against fakes. Last year, customs seized 20.5 million counterfeit products, a 78% increase on the 11.5 million confiscated in 2022, according to data released in May.

This spring, UNIFAB helped train 1,200 customs agents to verify the authenticity of Olympics merchandise, with the red Paris 2024 mascot and clothing the most likely target for illegal replicas, according to officials. French authorities also have 70 agents fighting counterfeits online, looking to dismantle local and international criminal networks.

"Paris doesn't want to be known as the counterfeit capital of Europe," said intellectual property lawyer John Coldham, a partner at Gowling WLG in London who worked with brands during the 'Fake Free London' pre-Olympics operation of 2012. A bigger concern for French fashion houses may however come from foreign shoppers' reluctance to visit Paris during the Olympics, rather than from revenues lost to counterfeits.

Air France-KLM warned last week it expects a hit of as much at 180 million euros this summer as some foreign tourists avoid the French capital. LVMH and rivals have said they are not anticipating a revenue boost from the sport event, and may shift their focus elsewhere.

Luxury companies are indicating that they are ready to receive shoppers elsewhere than in Paris: from the Cote d'Azur, to Milan and beyond," said Luca Solca, a luxury goods analyst at research and brokerage firm Bernstein.

08/07/2024

Boeing to plead guilty to fraud in US probe of fatal 737 MAX crashes

NEW YORK/WASHINGTON (Reuters) -Boeing has agreed to plead guilty to a criminal fraud conspiracy charge and pay a fine of $243.6 million to resolve a U.S. Justice Department investigation into two 737 MAX fatal crashes, the government said in a court filing on Sunday.

The plea deal, which requires a judge's approval, would brand the planemaker a convicted felon in connection with crashes in Indonesia and Ethiopia over a five-month period in 2018 and 2019 that killed 346 people.

The settlement drew swift criticism from victims' families who wanted Boeing (NYSE:BA) to face a trial and suffer harsher financial consequences.

The Justice Department's (DOJ) push to charge Boeing has deepened an ongoing crisis engulfing Boeing since a separate January in-flight blowout exposed continuing safety and quality issues at the planemaker.

A guilty plea potentially threatens the company's ability to secure lucrative government contracts with the likes of the U.S. Defense Department and NASA, although it could seek waivers.

Boeing became exposed to criminal prosecution after the Justice Department in May found the company violated a 2021 settlement involving the fatal crashes.

Still, the plea spares Boeing a contentious trial that could have exposed the company's decisions ahead of the fatal crashes to even greater public scrutiny. It would also make it easier for the planemaker, which will have a new CEO later this year, to try to move forward as it seeks approval for its planned acquisition of Spirit AeroSystems (NYSE:SPR).

A Boeing spokesperson confirmed it had "reached an agreement in principle on terms of a resolution with the Justice Department."

As part of the deal, the planemaker agreed to spend at least $455 million over the next three years to boost safety and compliance programs. Boeing's board will have to meet with relatives of those killed in the MAX crashes, the filing said.

The deal also imposes an independent monitor, who will have to publicly file annual progress reports, to oversee the firm's compliance. Boeing will be on probation during the monitor's three-year term.

Lawyers for some of the victims' families said they planned to press Judge Reed O'Connor, who has been overseeing the case, to reject the deal.

In a separate document filed to the court, they cited O'Connor's statement in a February 2023 ruling: "Boeing's crime may properly be considered the deadliest corporate crime in U.S. history."

The deal is a "slap on the wrist," said Erin Applebaum, a lawyer at Kreindler & Kreindler LLP representing some of the victims' relatives.

DEEPENING CRISIS AT BOEING

The DOJ on June 30 offered a plea agreement to Boeing and gave the company until the end of the week to take the deal or face a trial on a charge of conspiring to defraud the Federal Aviation Administration (FAA), which the DOJ in its Sunday court filing said was "the most serious readily provable offense".

The fraud centered around knowingly false representations Boeing made to the FAA about new software that saved money by requiring less intensive training for pilots.

The Maneuvering Characteristics Augmentation System (MCAS) software feature was designed to automatically push the airplane’s nose down in certain conditions. It was tied to the two crashes that led to the FAA grounding the MAX fleet for 20 months, an action that cost Boeing $20 billion and was lifted by the government in November 2020.

A panel blew off a new Boeing 737 MAX 9 jet during a Jan. 5 Alaska Airlines flight, just two days before the 2021 deferred agreement that had shielded the company from prosecution over the previous fatal crashes expired. Boeing faces a separate ongoing criminal probe into the Alaska Airlines incident.

The agreement only covers Boeing's conduct before the fatal crashes and does not shield the planemaker from any other potential investigations or charges related to the January incident or other conduct.

The deal also does not shield any executives, the DOJ filing said, though charges against individuals are seen as unlikely due to the statute of limitations. A former Boeing chief technical pilot was charged in connection with the Boeing fraud agreement but acquitted by a jury in 2022.

The agreed penalty will be Boeing's second fine of $243.6 million related to the fatal crashes — bringing the full fine to the maximum allowed. The company paid the fine previously as part of 2021's $2.5 billion settlement. The $243.6 million fine represented the amount Boeing saved by not implementing full-flight simulator training for MAX pilots.

Families of the victims last month pressed the Justice Department to seek as much as $25 billion.

The DOJ and Boeing are working to document the full written plea agreement and file it in federal court in Texas by July 19, the DOJ said in the court filing

06/07/2024

What can investors expect for S&P 500 earnings growth in 2025

As the second half of 2024 begins, market participants are reassessing their expectations for S&P 500 earnings growth not only for this year but for 2025 as well.

Analysts on Wall Street predict that the S&P 500 companies will see a robust 14.5% earnings-per-share (EPS) growth in 2025.

According to analysts at Yardeni Research, this would mark an impressive follow-up to the anticipated 10.6% growth for this year.

“We’re forecasting S&P 500 earnings-per-share growth of 12.1% this year and 8.0% in 2025,” the financial research firm said in a recent report.

The forecasted breadth of earnings growth for next year is also noteworthy. Analysts expect all 11 sectors of the S&P 500 to experience earnings growth, along with all but 7 of the 135 S&P 500 industries.

Such widespread growth has been a strong driver of the S&P 500’s forward earnings, which is the time-weighted average of consensus operating EPS estimates for the current and following year. This earnings strength supports the S&P 500 price index’s 14.5% year-to-date gain through Friday’s close, Yardeni notes.

By sector, the expected earnings growth for the S&P 500 is anticipated to be led by information technology, with a 20.2% expansion in 2025 and 19.3% in 2024.

Health Care is anticipated to see an increase of 18.4% in 2025 and 8.4% in 2024, while the Materials sector is forecasted to grow by 17.4% in 2025 after a decline of 2.2% in 2024. Industrials are anticipated to grow by 15.2% in 2025 and 5.7% in 2024.

The S&P 500 overall is expected to grow by 14.5% in 2025 and 10.6% in 2024, Yardeni highlighted.

Real estate is expected to see the slowest growth of 7.7% and 0.7% in 2025 and 2024, respectively.

Notably, Yardeni also said that several industries with some of the strongest expected growth in 2025 may be flying under investors’ radar because they’re expected to have minimal earnings growth this year.

For instance, Interactive Home Entertainment, which tops the 2025 earnings growth list with a projected 46.5% increase in 2025 and 5.5% in 2024, falls into this category.

Other industries expected to see sharply improving earnings growth in 2025 from low levels this year include Copper (39.6% in 2025, 7.1% in 2024), Paper & Plastic Packaging Products (24.7% in 2025, -5.2% in 2024), Personal Care Products (23.0% in 2025, -17.2% in 2024), and Passenger Airlines (20.3% in 2025, -3.9% in 2024), among others.

Moreover, analysts at Yardeni highlighted strong earnings growth expectations for industries housing the MegaCap-8 stocks—Alphabet, Amazon, Apple, Meta, Microsoft, Netflix, Nvidia, and Tesla—projected to range from 8.9% to 46.5% in 2025.

The S&P 500 Semiconductors industry, led by Nvidia, is expected to see the highest growth at 38.8%.

Alphabet and Meta, part of the Interactive Media & Services industry, are forecasted to grow earnings from 40.1% in 2023 to 32.1% in 2024 and 13.9% in 2025.

Amazon, dominating the S&P 500 Broadline Retail industry, is poised to drive earnings growth of 52.6% in 2024 and 25.8% in 2025.

Netflix, within the S&P 500 Movies and Entertainment industry, is projected to have earnings increase by 27.3% in 2025, after significant jumps of 65.9% in 2024 and 294.9% in 2023

Apple, part of the S&P 500 Technology Hardware, Storage & Peripherals industry, is expected to recover with earnings growth of 8.8% in 2024 and 14.2% in 2025, following a decline in 2023.

The Systems Software industry, including Microsoft and Oracle, is forecasted to moderate its earnings growth from 19.5% in 2024 to 12.9% in 2025.

Lastly, Tesla, in the S&P 500 Automobile Manufacturers industry, is projected to see a modest earnings increase of 8.9% in 2025, following lower growth rates of 2.8% in 2024 and a decline of 7.4% in 2023.

04/07/2024

KKR and Francisco Partners vying for Instructure, sources say

Private equity firms KKR (NYSE:KKR) and Francisco Partners are in the race to acquire US-based education software provider Instructure (NYSE:INST), sources told Reuters on Wednesday.

Both firms have reportedly advanced to the final round of bidding for Instructure and are expected to present binding offers by next week.

However, there is no guarantee that Thoma Bravo, a private equity firm holding an 83% stake in Instructure, will agree to sell its stake. The possibility of other potential bidders entering the race also remains, the sources added.

Due to the confidential nature of the matter, the sources chose to remain anonymous.

When approached for comments, Instructure, KKR, Francisco Partners, and Thoma Bravo declined to comment.

03/07/2024

Exclusive-Constellation talking to Pennsylvania on Three Mile Island restart, sources say

NEW YORK/PHILADELPHIA (Reuters) - Constellation Energy is in talks with the Pennsylvania governor's office and state lawmakers to help fund a possible restart of part of its Three Mile Island power facility, the site of a nuclear meltdown in the 1970s, three sources familiar with the discussions said on Tuesday. The conversations, which two sources described as "beyond preliminary," signal that Constellation is advancing plans to revive part of the southern Pennsylvania nuclear generation site, which operated from 1974 to 2019. The nuclear unit Constellation is considering restarting is separate from the one that melted down.

No U.S. nuclear power plant has been reopened after shutting. A restart is expected to be costly, logistically challenging and met with public and political opposition over safety and environmental concerns.

Still, as the United States faces a sudden rebound in power demand from industries like technology, the virtually carbon-free electricity source has received fresh support.

The sources said that a shut Michigan nuclear plant, which was recently awarded a $1.5 billion conditional loan to restart from the administration of U.S. President Joe Biden, could serve as a private-public sector blueprint for Three Mile Island.

The sources asked not to be named due to the sensitivity of the discussions.

"Though we have determined it would be technically feasible to restart the unit, we have not made any decision on a restart as there are many economic, commercial, operational and regulatory considerations remaining," Constellation spokesperson Dave Snyder said in an email. Snyder did not comment on the specifics of discussions about reopening the Pennsylvania site. Shares of Constellation, which is based in Baltimore, Maryland, have risen roughly 80% this year on the prospect of the company cashing in on big tech's voracious demand for carbon-free electricity to power a rapid expansion of technologies such as generative artificial intelligence. Last month, Constellation told Reuters that it had cleared an engineering study of Three Mile Island, though it was unknown if the Baltimore, Maryland-based energy company would move forward with plans to reopen the site.

Constellation also said that given the current premium placed on nuclear energy, acquiring other sites was generally off the table and the company would instead look to expand its existing fleet. The Three Mile Island unit that could be restarted is different to the site's unit 2, which experienced a partial meltdown in 1979 in the most famous commercial nuclear accident in U.S. history.

02/07/2024

Barry Diller's IAC explores bid to take control of Paramount, NYT reports

Billionaire Barry Diller's digital-media conglomerate IAC is exploring a bid to take control of Paramount Global, the New York Times reported on Monday, citing four people with knowledge of the matter.

IAC entered into nondisclosure agreements with National Amusements, Paramount's majority shareholder, sometime after the collapse of the Paramount-Skydance deal in June, NYT said, adding it is unclear how far along the talks have progressed.

Shari Redstone, controlling shareholder of National Amusements, abruptly ended talks with David Ellison's Skydance Media last month, killing the potential sale of a stake in Paramount Global to the independent studio.

IAC said it does not comment on rumors or speculation, while Reuters could not immediately reach Redstone for comment.

Earlier in the day, CNBC reported Paramount was holding talks with other media and tech companies to determine a viable structure where its streaming platform Paramount+ can be merged with another streaming entity and potentially co-owned.

Fears of market saturation have forced media companies to bundle their streaming businesses and offer discounted rates to lure customers who are wary of signing up and paying for numerous individual services.

Warner Bros Discovery (NASDAQ:WBD) is one of the companies that has expressed an interest in a joint venture, merging its Max and Paramount+, CNBC added.

Paramount and Warner declined to comment on the report.

While a structure for a hypothetical joint venture between Paramount and Warner has not been discussed in detail, ownership likely would not be a 50-50 split given the existing nature of the streaming assets and their finances, per the report.

Paramount's streaming service has more than 71 million subscribers, far less than Netflix (NASDAQ:NFLX)'s 269.60 million and Warner's 99.6 million.

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01/07/2024

Sanofi eyes investment of up to $1.6 billion in Germany, Handelsblatt says

French drugmaker Sanofi (NASDAQ:SNY) is nearing a decision to invest between 1.3 billion euros and 1.5 billion euros ($1.4-$1.6 billion) at a major production site in Frankfurt, Germany, where it makes insulin brand Lantus, newspaper Handelsblatt reported on Monday.

The paper cited German government sources as saying Sanofi changed course after initial considerations to transfer Lantus production to France and the company is now close to committing to an upgrade of the German site in Frankfurt's Hoechst district.

Sanofi did not immediately respond to a request for comment.

Among recent wins by Germany's ruling coalition to attract healthcare investments, Daiichi Sankyo said in February it would spend about 1 billion euros to boost its work on precision cancer drugs near Munich.

U.S. drugmaker Eli Lilly (NYSE:LLY) in November last year pledged to invest 2.3 billion euros to make obesity and diabetes drugs in Germany.

($1 = 0.9299 euros)

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