Beijing ― China’s producer price deflation eased in October and consumer prices returned to positive territory, data showed on Sunday, as the government steps up efforts to curb overcapacity and cutthroat competition among firms.
The producer price index fell 2.1% in October from a year earlier, National Bureau of Statistics data showed, compared with an expected 2.2% decline in a Reuters poll of economists. The index has remained negative since October 2022 and dropped 2.3% in September.
Consumer prices edged up 0.2% from a year earlier, reversing a two-month decline and beating the estimate for no change.
The October price figures indicate that government efforts to rein in excessive competition have helped stabilise prices, but lukewarm domestic demand and geopolitical tensions continue to cloud the business outlook. Reuters
BlackRock to pull plug on social impact fund
Bengaluru — BlackRock, the world’s biggest asset manager, is winding down a social impact fund that invested in collapsed subprime car lender Tricolor, the Financial Times reported on Friday, citing several people familiar with the decision.
The firm told employees it would close its BlackRock Impact Opportunities fund to new investments after Tricolor filed for bankruptcy in September, the report said.
Reuters could not immediately verify the report. BlackRock did not immediately respond to a Reuters request for comment. Reuters
Amgen’s cholesterol drug ‘prevents heart attacks’
Bengaluru — Adding Amgen’s cholesterol drug Repatha to standard therapy reduced major cardiovascular events by 25% for at-risk patients who have never had a heart attack or stroke, according to results from a large study presented on Saturday.
In the study of more than 12,000 patients, detailed at the American Heart Association scientific meeting in New Orleans, the injected drug cut the risk of a first heart attack by 36%.
The results mark the first time a drug in a class known as PCSK9 inhibitors was proven to be effective in primary prevention, opening its use to more patients, Amgen research and development chief Jay Bradner said in an interview.
Repatha also reduced the relative risk of cardiovascular death by 21% in the trial, though that result was not deemed statistically significant. Reuters
CRISPR Therapeutics tests cholesterol therapy
Chicago ― A single infusion of CRISPR Therapeutics’ experimental gene therapy was safe and reduced levels of harmful LDL cholesterol and triglycerides by half in four people taking the highest dose, raising hope for a one-time treatment.
“We’ve never had anything that could lower both LDL and triglycerides by around 50%,” said Cleveland Clinic cardiologist Dr. Steven Nissen, lead researcher of the first-in-human study of the therapy.
Though still early in development, if future trials prove the treatment, CTX310, to be safe and effective, it could be practice-changing, said Cleveland Clinic’s Luke Laffin, the study’s co-leader.
“Rather than a once-daily pill or monthly injection, this therapy would potentially offer a one-time infusion that is safe and durable for patients with high cholesterol,” he said. Reuters
Flights delayed after technical glitch at Delhi airport
New Delhi — Delhi International Airport said on Saturday all flight operations were running at the airport as normal, after a technical glitch led to delays of hundreds of flights over the past two days at one of the world’s busiest aviation hubs.
A malfunction in the system used to generate flight plans had led to the delays. India’s airports authority had said late on Friday that the system was “up and running” after a technical glitch.
The system, known as Automatic Message Switching System, was restored to automatic mode by Saturday afternoon, the Indian government said in a statement.
Civil aviation minister Ram Mohan Naidu has ordered officials to plan for system upgrades, including additional or fallback servers to bolster air traffic operations, the government said. Reuters
Amazon.com expands Amazon Bazaar service
New York — Amazon.com on Friday said it expanded the reach of its low-cost e-commerce service Amazon Bazaar, known as Haul in the US, to 14 additional markets.
The standalone app is part of a push to compete with Chinese rivals including Shein and PDD Holdings’ Temu to sell $10 dresses and $5 accessories in international markets. Sweeping import tariffs imposed by US President Donald Trump have dented consumer sentiment, especially for lower-income groups, who often seek out cheaper deals.
The app offers similar merchandise to Amazon Haul, the budget-friendly shopping section within the Amazon app, launched last year. Amazon Bazaar, which launched in Mexico last year, will deliver a majority of products priced under $10 and some as low as $2 to its newest markets, ranging from home goods to fashion, according to the e-commerce giant. Some of the newer markets for the low-cost e-commerce service include Hong Kong, the Philippines, Nigeria and Taiwan, it said. Since launching in Mexico, Bazaar expanded to Saudi Arabia and the United Arab Emirates. Reuters
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