The daily business briefing: April 17, 2023
Merck reaches a deal to buy Prometheus Biosciences for $10.8 billion, G-7 ministers agree to speed up the shift to clean energy, and more
1. Merck buying Prometheus Biosciences for $10.8 billion
Merck & Co. said Sunday it had reached a deal to buy Prometheus Biosciences for about $10.8 billion. The acquisition will give the giant drug maker a promising experimental treatment, PRA023, that is being developed to treat ulcerative colitis and Crohn's disease, two inflammatory bowel diseases. "This is allowing us to move into immunology in a strong way and will allow us sustainable growth, we think, well into the 2030s given the long patent life," Merck CEO Robert Davis told Reuters. Merck is paying $200 per share for the California-based biotechnology company, which amounts to a 75.4 percent premium over the stock's latest closing price.
2. G-7 ministers agree to accelerate transition to clean energy
Representatives from the Group of Seven advanced economies agreed Sunday to speed up the transition to clean energy sources as they started a meeting in Japan. The G-7, which includes the United States, the United Kingdom, Germany, France, Japan, Italy, Canada, and the European Union issued a 36-page communique committing to reaching net-zero greenhouse gas emissions by 2050 at the latest, but they stopped short of phasing out coal by 2030. They said that while they were leaving the door open to continued use of fossil fuels, they called for avoiding "unabated" fossil fuel use, meaning power plants continuing to use fossil fuels will have to at least try to capture their emissions so they wouldn't be pumped into the environment.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. EU warns Poland, Hungary over Ukraine grain import ban
The European Union on Sunday warned Poland and Hungary that it was "not acceptable" for the trade bloc's member states to take "unilateral actions" on trade after the two countries banned imports of grain and other foods from Ukraine. Russia blocked some Black Sea ports after it invaded Ukraine last year, flooding Central European countries with Ukrainian grain that couldn't be shipped elsewhere. Ukrainian grain is cheaper, so the imports hurt prices and sales of locally grown crops, angering people in rural areas and creating a political problem for Poland's ruling nationalist Law and Justice party in an election year.
4. Stock futures steady ahead of more earnings
U.S. stock futures were little changed early Monday ahead of a flurry of quarterly earnings reports. Futures tied to the Dow Jones Industrial Average and the S&P 500 were up by less than 0.1 percent at 6:30 a.m. ET. Nasdaq futures were down by less than 0.1 percent. Charles Schwab is reporting earnings later in the day. Its shares have fallen 39 percent this year, as the failures of Silicon Valley Bank and Signature Bank stoked investor concerns about the finances of many financial institutions. Bank of America and Morgan Stanley report earnings on Tuesday and Wednesday. Big banks Wells Fargo, Citigroup, and JPMorgan got earnings season off to a strong start Friday by reporting better-than-expected earnings.
5. 'Super Mario Bros. Movie' dominates box office for 2nd weekend
The Super Mario Bros. Movie dominated the domestic box office again with $87 million in ticket sales in its second weekend. The haul was down just 41 percent from its opening weekend, giving the movie the best second weekend ever for an animated film, and lifting its total to $347.8 million in North America and $678 million worldwide. Universal's horror-comedy Renfield, starring Nicolas Cage as Count Dracula, made a disappointing $7.7 million to come in fourth place, behind Sony's R-rated demonic thriller The Pope's Exorcist at $9.1 million and Lionsgate's John Wick: Chapter 4.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
5 ladylike cartoons about women's role in the election
Cartoons Artists take on the political gender gap, Lady Liberty, and more
By The Week US Published
-
The right to die: what can we learn from other countries?
The Explainer A look at the world's assisted dying laws as MPs debate Kim Leadbeater's proposed bill
By The Week Published
-
Volkswagen on the ropes: a crisis of its own making
Talking Point The EV revolution has 'left VW in the proverbial dust'
By The Week UK Published
-
The daily business briefing: January 24, 2024
Business Briefing The S&P 500 sets a third straight record, Netflix adds more subscribers than expected, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 23, 2024
Business Briefing The Dow and S&P 500 set fresh records, Bitcoin falls as ETF enthusiasm fades, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 22, 2024
Business Briefing FAA recommends inspections of a second Boeing 737 model, Macy's rejects Arkhouse bid, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 19, 2024
Business Briefing Macy's to cut 2,350 jobs, Congress averts a government shutdown, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 18, 2024
Business Briefing Shell suspends shipments in the Red Sea, December retail sales beat expectations, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 17, 2024
Business Briefing Judge blocks JetBlue-Spirit merger plan, Goldman Sachs beats expectations with wealth-management boost, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 16, 2024
Business Briefing Boeing steps up inspections on 737 Max 9 jets, Zelenskyy fights for world leaders' attention at Davos, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 12, 2024
Business Briefing Inflation was slightly hotter than expected in December, Hertz is selling a third of its EVs to buy more gas cars, and more
By Harold Maass, The Week US Published