FT News Briefing Tuesday, July 9
Jul 9, 2019
Chinese venture capital is seeing a sharp decline in U.S. biotech investment due to heightened scrutiny by Washington. BASF has slashed its forecasts, anticipating a significant drop in profits, while Deutsche Bank is undergoing major layoffs affecting thousands. Additionally, the podcast delves into the troubling legal saga surrounding Jeffrey Epstein and highlights how societal attitudes toward allegations of abuse have shifted dramatically in recent years.
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Chinese Biotech Investment Shift
- Chinese investment in US biotech has fallen due to increased US scrutiny.
- Despite this, Chinese pharma groups are licensing US-developed drugs, avoiding equity stakes.
BASF Cuts Forecast
- BASF, the world's largest chemical company, cut its full-year forecast, blaming trade conflicts and a global economic slowdown.
- They also announced job cuts and expect profits to almost halve in Q2 2019.
Deutsche Bank Overhaul
- Deutsche Bank started laying off 18,000 employees as part of a major restructuring.
- While some divisions are shrinking, others, like corporate finance in New York, are expected to grow.