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https://www.ft.com/content/9bc73cea-e736-42f1-8a8f-6fc85945b641
https://www.ft.com/content/9bc73cea-e736-42f1-8a8f-6fc85945b641
US Treasury&rsquo s $1tn borrowing drive set to put banks under strain Analysts fear scale of new issuance following debt ceiling fight will push up yields and suck cash out of deposits
Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T& Cs and Copyright Policy. Email [email protected] to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.
https://www.ft.com/content/9bc73cea-e736-42f1-8a8f-6fc85945b641
A $1tn US government borrowing spree is set to increase the strain on the country&rsquo s banking system as Washington returns to the markets in the aftermath of the debt ceiling fight, traders and analysts say. Following the resolution of that dispute &mdash which had previously prevented the US from increasing its borrowing &mdash the Treasury department will seek to rebuild its cash balance, which last week hit its lowest level since 2017. JPMorgan has estimated that Washington will need to borrow $1.1tn in short-dated Treasury bills by the end of 2023, with $850bn in net bill issuance over the next four months. A principal concern voiced by analysts was that the sheer volume of new issuance would push up yields on government debt, sucking cash out of bank deposits. &ldquo Everyone knows the flood is coming,&rdquo said Gennadiy Goldberg, a strategist at TD Securities. &ldquo Yields will move higher because of this flood. Treasury bills will cheapen further. And that will put pressure on banks.&rdquo He said he was expecting the biggest increase in Treasury bill issuance in history, apart from during crises such as the 2008 financial meltdown and the pandemic in 2020. Analysts said the bills would have maturities ranging from a few days to a year. The Treasury department offered guidance on Wednesday, saying it aims to return its cash balances to normal levels by September. JPMorgan said the announcement was roughly in line with its overall estimates. The Treasury also said it would &ldquo carefully monitor market conditions and adjust its issuance plans as appropriate&rdquo . Yields had already begun to rise in anticipation of the increased supply, added Gregory Peters, co-chief investment officer of PGIM Fixed Income. That shift increases pressure on US bank deposits, which have already fallen this year as the rise in interest rates and the failure of regional lenders have sent customers seeking higher-yielding alternatives. Further deposit flight and the rise in yields could in turn push banks to offer higher interest rates on savings accounts, which could be particularly costly for smaller lenders. &ldquo The rise in yields could force banks to raise their deposit rates,&rdquo Peters said. Doug Spratley, head of the cash management team at T Rowe Price, concurred that the Treasury&rsquo s return to borrowing &ldquo could exacerbate stresses that were already on the banking system&rdquo . The supply shock comes as the Fed is already winding down its bond holdings, in contrast with the recent past, when it was a big buyer of government debt. &ldquo We&rsquo re running a significant budget deficit. We still have quantitative tightening. If we have a flood of T-bill issuance as well, we likely have turbulence in the Treasury market in the months ahead of us,&rdquo said Torsten Slok, chief economist at Apollo Global Management. Bank customers have already heavily shifted to money market funds that invest in corporate and sovereign debt following the bank failures this spring. The stock of funds in money market accounts reached a record $5.4tn in May &mdash up from $4.8tn at the start of the year &mdash according to data from the Investment Company Institute, an industry group. But while money market funds are typically big purchasers of Treasury bills, they are unlikely to buy up the whole supply, analysts said. This is largely because money market funds already receive a generous risk-free return &mdash at present an annualised 5.05 per cent &mdash on overnight funds left with the Fed. This is only slightly below the 5.2 per cent available on the comparable Treasury rate, which carries more risk. At present, roughly $2.2tn a night is being put into the Fed&rsquo s overnight reverse repurchase agreement facility (RRP), much of it from money market funds. Recommended US economy What a debt ceiling deal means for the US economy That cash could be redeployed to buy Treasury bills if they offered significantly higher returns than the Fed&rsquo s facility, analysts said. But the RRP rate moves with interest rates. So if investors expect the Fed to continue to tighten monetary policy, they are likely to keep their cash parked with the central bank overnight, rather than buying bills. &ldquo While [money market funds] with RRP access could buy some T-bills on the margin, we believe this will probably be small relative to other investor types [such as corporations, bond funds without access to the RRP facility and foreign buyers],&rdquo Jay Barry, co-head of interest rate strategy at JPMorgan, wrote in a note. Last week&rsquo s blockbuster headline employment figures for May have added toPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T& Cs and Copyright Policy. Email [email protected] to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.
https://www.ft.com/content/9bc73cea-e736-42f1-8a8f-6fc85945b641
Last week&rsquo s blockbuster headline employment figures for May have added to the pressure by boosting investors&rsquo expectations that further rate rises are coming &mdash which could diminish appetite for government debt at current rates. Event details and information The Global Boardroom Online 08 November - 10 November 2023 Strategies for Growth and Disruption Presented byFT Live Copyright The Financial Times Limited 2023. All rights reserved. Lates
https://www.youtube.com/watch?v=dGg8gK7K_24
https://www.ft.com/content/9bc73cea-e736-42f1-8a8f-6fc85945b641
A $1tn US government borrowing spree is set to increase the strain on the country&rsquo s banking system as Washington returns to the markets in the aftermath of the debt ceiling fight, traders and analysts say. Following the resolution of that dispute &mdash which had previously prevented the US from increasing its borrowing &mdash the Treasury department will seek to rebuild its cash balance, which last week hit its lowest level since 2017. JPMorgan has estimated that Washington will need to borrow $1.1tn in short-dated Treasury bills by the end of 2023, with $850bn in net bill issuance over the next four months. A principal concern voiced by analysts was that the sheer volume of new issuance would push up yields on government debt, sucking cash out of bank deposits. &ldquo Everyone knows the flood is coming,&rdquo said Gennadiy Goldberg, a strategist at TD Securities. &ldquo Yields will move higher because of this flood. Treasury bills will cheapen further. And that will put pressure on banks.&rdquo He said he was expecting the biggest increase in Treasury bill issuance in history, apart from during crises such as the 2008 financial meltdown and the pandemic in 2020. Analysts said the bills would have maturities ranging from a few days to a year. The Treasury department offered guidance on Wednesday, saying it aims to return its cash balances to normal levels by September. JPMorgan said the announcement was roughly in line with its overall estimates. The Treasury also said it would &ldquo carefully monitor market conditions and adjust its issuance plans as appropriate&rdquo . Yields had already begun to rise in anticipation of the increased supply, added Gregory Peters, co-chief investment officer of PGIM Fixed Income. That shift increases pressure on US bank deposits, which have already fallen this year as the rise in interest rates and the failure of regional lenders have sent customers seeking higher-yielding alternatives. Further deposit flight and the rise in yields could in turn push banks to offer higher interest rates on savings accounts, which could be particularly costly for smaller lenders. &ldquo The rise in yields could force banks to raise their deposit rates,&rdquo Peters said. Doug Spratley, head of the cash management team at T Rowe Price, concurred that the Treasury&rsquo s return to borrowing &ldquo could exacerbate stresses that were already on the banking system&rdquo . The supply shock comes as the Fed is already winding down its bond holdings, in contrast with the recent past, when it was a big buyer of government debt. &ldquo We&rsquo re running a significant budget deficit. We still have quantitative tightening. If we have a flood of T-bill issuance as well, we likely have turbulence in the Treasury market in the months ahead of us,&rdquo said Torsten Slok, chief economist at Apollo Global Management. Bank customers have already heavily shifted to money market funds that invest in corporate and sovereign debt following the bank failures this spring. The stock of funds in money market accounts reached a record $5.4tn in May &mdash up from $4.8tn at the start of the year &mdash according to data from the Investment Company Institute, an industry group. But while money market funds are typically big purchasers of Treasury bills, they are unlikely to buy up the whole supply, analysts said. This is largely because money market funds already receive a generous risk-free return &mdash at present an annualised 5.05 per cent &mdash on overnight funds left with the Fed. This is only slightly below the 5.2 per cent available on the comparable Treasury rate, which carries more risk. At present, roughly $2.2tn a night is being put into the Fed&rsquo s overnight reverse repurchase agreement facility (RRP), much of it from money market funds. Recommended US economy What a debt ceiling deal means for the US economy That cash could be redeployed to buy Treasury bills if they offered significantly higher returns than the Fed&rsquo s facility, analysts said. But the RRP rate moves with interest rates. So if investors expect the Fed to continue to tighten monetary policy, they are likely to keep their cash parked with the central bank overnight, rather than buying bills. &ldquo While [money market funds] with RRP access could buy some T-bills on the margin, we believe this will probably be small relative to other investor types [such as corporations, bond funds without access to the RRP facility and foreign buyers],&rdquo Jay Barry, co-head of interest rate strategy at JPMorgan, wrote in a note. Last week&rsquo s blockbuster headline employment figures for May have added toPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T& Cs and Copyright Policy. Email [email protected] to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.
https://www.ft.com/content/9bc73cea-e736-42f1-8a8f-6fc85945b641
Last week&rsquo s blockbuster headline employment figures for May have added to the pressure by boosting investors&rsquo expectations that further rate rises are coming &mdash which could diminish appetite for government debt at current rates. Event details and information The Global Boardroom Online 08 November - 10 November 2023 Strategies for Growth and Disruption Presented byFT Live Copyright The Financial Times Limited 2023. All rights reserved. Lates
https://www.youtube.com/watch?v=dGg8gK7K_24
chartistkao1 ( Date: 28-Jun-2023 14:29) Posted:
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US' s stress test on all global banks when it sells trillions of t bills to fill up its rice bucket after 10 years of spending irresponsibily after 2009
https://www.marketwatch.com/investing/stock/c
https://finance.yahoo.com/news/treasury-department-may-issue-1-032015994.html
https://www.marketwatch.com/investing/stock/c
https://www.marketwatch.com/investing/stock/jpm?mod=search_symbol
https://www.marketwatch.com/investing/stock/gs?mod=search_symbolhttps://www.marketwatch.com/investing/stock/axp?mod=search_symbol
https://www.marketwatch.com/investing/stock/wfc?mod=search_symbol
https://www.marketwatch.com/investing/stock/bac?mod=search_symbol
chartistkao1 ( Date: 28-Jun-2023 14:21) Posted:
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ocbc yield vs 3988' s yield when yuan weaken against sgd
https://investors.sgx.com/_security-types/stocks/O39
https://www.dividends.sg/view/o39
vs
http://aastocks.com/en/stocks/analysis/company-fundamental/dividend-history?symbol=03988
chartistkao1 ( Date: 27-Jun-2023 11:02) Posted:
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Citibank in 2008 was
What happened to Citigroup in 2008?
By July 2008 Citigroup was described as struggling, and by November they were insolvent, despite their receipt of $25 billion in taxpayer-funded federal Troubled Asset Relief Program funds.
https://www.reuters.com/article/us-citigroup-idUSN0532847720090305
but after a series of quantitaive easing and operation twists it is now trading at
https://www.marketwatch.com/investing/stock/c/charts?mod=mw_quote_tab
chartistkao1 ( Date: 27-Jun-2023 10:52) Posted:
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http://www.hp.gov.cn/2021gb/zz/zwyw/tpyw/content/post_8910959.html
https://asia.topnews.media/2023/06/26/singapore-and-guangdong-are-expanding-cooperation-in-sustainable-development-digital-economy-health-care/
chartistkao1 ( Date: 21-Jun-2023 09:58) Posted:
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https://w.media/chinese-premier-in-germany-urges-enterprises-to-lead-de-risking-decisions/
https://dgap.org/en/research/publications/china-de-risking
chartistkao1 ( Date: 21-Jun-2023 09:55) Posted:
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how many people had three economic cycles to wait to have this rally to occur
https://www.cnbc.com/2023/05/17/stocks-in-tokyo-highest-since-1990.html
https://www.cnbc.com/2023/05/17/stocks-in-tokyo-highest-since-1990.html
chartistkao1 ( Date: 21-Jun-2023 09:50) Posted:
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time to take profit in yen and nikkei beofre the us de-risks from japan after a strong rally lead by warren buffett' s followers
https://www.aljazeera.com/economy/2023/5/29/japans-nikkei-hits-33-year-high-on-weak-yen-us-optimism
http://aastocks.com/en/stocks/analysis/company-fundamental/dividend-history?symbol=03988
chartistkao1 ( Date: 19-Jun-2023 11:58) Posted:
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Sam Bankman-Fried was heralded as the savior of crypto. Late last year, his empire collapsed. Here&rsquo s what you need to know about the unraveling of FTX.
The 30-year-old billionaire&rsquo s eccentric, unkempt appearance created an aura of genius. Venture capitalists got on board. High-profile athletes and musicians, and a wave of FTX ads, encouraged regular people to use the exchange to tap crypto&rsquo s moneymaking potential.
Mr. Bankman-Fried and FTX were among the biggest donors in the 2022 midterm election cycle, boosting their visibility in Washington. And when other crypto firms started collapsing last year, SBF extended loans to prop up ailing competitors.
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But even when Mr. Bankman-Fried was no longer at Alameda&rsquo s helm, he still owned 90% of it, according to bankruptcy filings. Alameda also traded on FTX.
Mr. Bankman-Fried repeatedly said that Alameda didn&rsquo t have any special privileges on FTX. Recent revelations cast doubt on those claims. According to bankruptcy filings, Alameda had a &ldquo secret exemption&rdquo from the exchange&rsquo s process for liquidating bad trades&mdash a loophole that meant Alameda could take on more risk than other customers.
Alameda also doled out billions to buy stakes in startups. It often used FTT, which is FTX&rsquo s own cryptocurrency, as collateral for borrowing.
Mr. Bankman-Fried and Ms. Ellison were at times romantically involved.
Changpeng Zhao, the billionaire founder of rival exchange Binance, said he would dump his FTT holdings. Customers panicked and started yanking their money out. Crunched for cash, FTX agreed to sell itself to Binance, but Binance quickly changed its mind. Shortly after, SBF resigned and FTX filed for bankruptcy.
Prosecutors and regulators say FTX had been dipping into its customers&rsquo deposits from the start, funneling cash into real estate, political donations, Alameda&rsquo s operations, and more.
In a court filing, Mr. Ray called the disarray at FTX unprecedented. According to him: Supervisors approved payment requests with emojis. Homes were purchased for employees with corporate funds. Bank accounts and company financials weren&rsquo t tracked. Software was used to conceal the misuse of customer money.
Many employees have quit, saying they were in the dark.
FTX founder Sam Bankman-Fried was the paragon of crypto.
Mr. Bankman-Fried, often referred to as SBF, vaulted to celebrity with his attempts to make his crypto exchange a household name.Mr. Bankman-Fried and FTX were among the biggest donors in the 2022 midterm election cycle, boosting their visibility in Washington. And when other crypto firms started collapsing last year, SBF extended loans to prop up ailing competitors.
FTX&rsquo s ties with Alameda, its sister trading firm, led to its undoing.
Before creating FTX, Mr. Bankman-Fried founded Alameda Research, and it became a major player in crypto market making and institutional trading. Mr. Bankman-Fried recruited Caroline Ellison, whom he met while both were traders at Jane Street Capital, and she later became chief executive. Mr. Bankman-Fried remained CEO of FTX, the crypto exchange.Newsletter Sign-up
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Mr. Bankman-Fried repeatedly said that Alameda didn&rsquo t have any special privileges on FTX. Recent revelations cast doubt on those claims. According to bankruptcy filings, Alameda had a &ldquo secret exemption&rdquo from the exchange&rsquo s process for liquidating bad trades&mdash a loophole that meant Alameda could take on more risk than other customers.
Alameda also doled out billions to buy stakes in startups. It often used FTT, which is FTX&rsquo s own cryptocurrency, as collateral for borrowing.
Mr. Bankman-Fried and Ms. Ellison were at times romantically involved.
A crash in crypto prices hurt both FTX and Alameda.
FTX&rsquo s problems tumbled into the open on Nov. 2, when CoinDesk published a report questioning the financial health of both FTX and Alameda.Changpeng Zhao, the billionaire founder of rival exchange Binance, said he would dump his FTT holdings. Customers panicked and started yanking their money out. Crunched for cash, FTX agreed to sell itself to Binance, but Binance quickly changed its mind. Shortly after, SBF resigned and FTX filed for bankruptcy.
Prosecutors and regulators say FTX had been dipping into its customers&rsquo deposits from the start, funneling cash into real estate, political donations, Alameda&rsquo s operations, and more.
The restructuring team says FTX is a giant mess.
John J. Ray has helped oversee some of the highest-profile bankruptcies ever, including Enron. Mr. Ray, now the new CEO of FTX, says he has never seen anything as bad as FTX.In a court filing, Mr. Ray called the disarray at FTX unprecedented. According to him: Supervisors approved payment requests with emojis. Homes were purchased for employees with corporate funds. Bank accounts and company financials weren&rsquo t tracked. Software was used to conceal the misuse of customer money.
Many employees have quit, saying they were in the dark.
chartistkao1 ( Date: 19-Jun-2023 11:55) Posted:
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if only one rule then the world will be under one direction lead by one bully
https://edition.cnn.com/2021/07/27/investing/tencent-meituan-chinese-tech-stocks-intl-hnk/index.html
https://www.wsj.com/articles/ftx-and-sam-bankman-fried-your-guide-to-the-crypto-crash-11669375609
chartistkao1 ( Date: 19-Jun-2023 11:52) Posted:
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before SCV,silvergate,singature and first republic bank bankrupt
https://edition.cnn.com/2023/01/09/economy/china-economy-guo-shuqing-ant-group-intl-hnk/index.html
pre-emptive investing
https://www.thetimes.co.uk/money-mentor/article/is-bitcoin-crash-coming/
chartistkao1 ( Date: 19-Jun-2023 11:45) Posted:
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before global rate hikes from 2022 to 2023
https://www.straitstimes.com/business/invest/chinas-three-red-lines-for-home-developers-0
https://www.straitstimes.com/business/invest/chinas-three-red-lines-for-home-developers-0
chartistkao1 ( Date: 19-Jun-2023 11:33) Posted:
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The Federal Reserve&rsquo s decision to pause its rate hikes and Beijing&rsquo s cut in borrowing costs provided a much-needed boost to sentiment, helping push equities higher last week.
While officials have not made any announcements, there is an expectation that officials will provide help for the struggling property sector and measures to kickstart consumer activity, among other things.
this stimulus may take time till 2025 to 2028
While officials have not made any announcements, there is an expectation that officials will provide help for the struggling property sector and measures to kickstart consumer activity, among other things.
this stimulus may take time till 2025 to 2028
chartistkao1 ( Date: 19-Jun-2023 11:31) Posted:
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Asia: Markets fail to build on rally with eye on China policy
Published Mon, Jun 19, 2023 · 11:16 am
https://www.hsi.com.hk/eng
chartistkao1 ( Date: 19-Jun-2023 11:27) Posted:
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when global liquidity is drawed out of the system
https://www.globalpropertyguide.com/news-germanys-housing-market-is-now-struggling-4414
https://www.globalpropertyguide.com/news-germanys-housing-market-is-now-struggling-4414
chartistkao1 ( Date: 19-Jun-2023 11:25) Posted:
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assets manipulators from 0% in 2020 rate to 5.25% rates in 2023
https://www.cnbc.com/2020/03/15/federal-reserve-cuts-rates-to-zero-and-launches-massive-700-billion-quantitative-easing-program.html
https://www.reuters.com/markets/us/bofa-expects-two-more-interest-rate-hikes-fed-growth-q4-2023-06-15/
chartistkao1 ( Date: 19-Jun-2023 11:21) Posted:
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why asset prices globally need to fall
ere are some common factors that could lead to a rate hike:
ere are some common factors that could lead to a rate hike:
- Controlling inflation: Central banks often raise interest rates to curb inflationary pressures in the economy. When prices rise too quickly, it can erode purchasing power and destabilize the economy. By increasing interest rates, central banks aim to reduce consumer spending and investment, which helps slow down inflation.
- Economic growth and stability: When an economy is growing rapidly, central banks may raise interest rates to prevent excessive borrowing and spending, which can lead to asset bubbles or overheating. By increasing rates, they aim to moderate economic growth and maintain stability.
- Currency stabilization: Central banks may increase interest rates to strengthen their currency. Higher interest rates can attract foreign capital, increasing demand for the local currency and supporting its value in the foreign exchange market.
- Capital outflows and currency depreciation: If a country experiences significant capital outflows or its currency is depreciating rapidly, central banks may raise interest rates to make domestic assets more attractive to foreign investors. Higher rates can help stem capital flight and stabilize the currency.
- Policy normalization: After a period of accommodative monetary policy, central banks may gradually raise interest rates to return to a more neutral stance. This process, known as policy normalization, aims to restore interest rates to levels that are considered appropriate for the prevailing economic conditions.
- Market expectations and credibility: Central banks may raise rates to manage market expectations and maintain their credibility. If investors anticipate inflationary pressures or economic imbalances, central banks may respond preemptively by raising rates to demonstrate their commitment to price stability and sound monetary policy.
chartistkao1 ( Date: 19-Jun-2023 11:18) Posted:
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US lead G7 quantitative tighting vie rate tightening
https://www.investopedia.com/fed-squeezes-inflation-and-economy-harder-with-a-tenth-possibly-final-rate-hike-7488377
https://www.dailyforex.com/forex-news/2023/05/united-states-raises-interest-rates-again-4-may-2023/195084
chartistkao1 ( Date: 19-Jun-2023 11:15) Posted:
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Surging mortgage rates bring early summer slowdown for UK housing market: Rightmove
ASKING prices for British homes fell in June for the first time in six years, indicating an earlier-than-usual summer slowdown amid mortgage market turmoil and expectations of further Bank of England interest rates increases, a survey showed on Monday.
Property website Rightmove said the drop was very small - £ 82 (S$141), or close to zero in percentage terms &ndash but it was nonetheless the first monthly decline in asking prices this year and the first drop seen in the month of June since 2017.
Average asking prices over the previous decade for this time of the year had increased by 0.6 per cent on average, the survey showed.
Compared with a year earlier, asking prices were 1.1 per cent higher Tim Bannister, director of property science at Rightmove, said this week&rsquo s inflation figures and BoE interest rates decision, which will be published on Wednesday and Thursday respectively, could spell more changes for the housing market.
&ldquo We expected some more twists and turns this year and we&rsquo ve had several in the last month, including stubbornly high inflation figures, surprisingly large average wage increases, and their eventual impact on mortgage interest rates and availability,&rdquo Bannister said.
British mortgage lenders have in recent days and weeks repeatedly repriced or pulled home loan offerings as higher consumer price inflation and wage growth spurred markets&rsquo expectations that the BoE&rsquo s interest rate-rising cycle, which began in December 2021, will continue for longer.
and the same situations going to happen in Europe
https://capital.com/france-house-price-crash-old-real-estate
https://www.dbresearch.com/PROD/RPS_EN-PROD/PROD0000000000527713/2023_Housing_market_outlook%3A_Price_dip_and_interes.PDF?undefined& realload=vbVveAu5SDYIpGSbWigO5TKJ6Yf7WkGwbFnvmeRi1r~kOfBrN8LUu3VbmQDYL2PC
Property website Rightmove said the drop was very small - £ 82 (S$141), or close to zero in percentage terms &ndash but it was nonetheless the first monthly decline in asking prices this year and the first drop seen in the month of June since 2017.
Average asking prices over the previous decade for this time of the year had increased by 0.6 per cent on average, the survey showed.
Compared with a year earlier, asking prices were 1.1 per cent higher Tim Bannister, director of property science at Rightmove, said this week&rsquo s inflation figures and BoE interest rates decision, which will be published on Wednesday and Thursday respectively, could spell more changes for the housing market.
&ldquo We expected some more twists and turns this year and we&rsquo ve had several in the last month, including stubbornly high inflation figures, surprisingly large average wage increases, and their eventual impact on mortgage interest rates and availability,&rdquo Bannister said.
British mortgage lenders have in recent days and weeks repeatedly repriced or pulled home loan offerings as higher consumer price inflation and wage growth spurred markets&rsquo expectations that the BoE&rsquo s interest rate-rising cycle, which began in December 2021, will continue for longer.
and the same situations going to happen in Europe
https://capital.com/france-house-price-crash-old-real-estate
https://www.dbresearch.com/PROD/RPS_EN-PROD/PROD0000000000527713/2023_Housing_market_outlook%3A_Price_dip_and_interes.PDF?undefined& realload=vbVveAu5SDYIpGSbWigO5TKJ6Yf7WkGwbFnvmeRi1r~kOfBrN8LUu3VbmQDYL2PC
chartistkao1 ( Date: 19-Jun-2023 11:06) Posted:
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SAUDI Arabia&rsquo s Public Investment Fund (PIF) is creating a new entity to attract pharmaceutical and biotech companies to invest in drug manufacturing as the kingdom seeks to accelerate a shift away from reliance on oil sales.
The Pharmaceutical Investment Company aims to partner with local and international firms to develop pharmaceutical products including insulins, vaccines, plasma therapeutics, monoclonal antibodies and cell and gene therapies among others, the PIF said in a statement on Sunday (Jun 18). The statement didn&rsquo t disclose any financial details of the proposed investments.
Lifera, as the new entity is known, will &ldquo enable the private sector to scale up, ensuring easier access for patients, whilst securing the supply of life-saving medicines that can meet local, regional and global demand&rdquo , said Yazeed Al-Humeid the PIF&rsquo s deputy governor.
https://www.channelnewsasia.com/business/astrazeneca-planning-china-business-spin-report-3570941
The Pharmaceutical Investment Company aims to partner with local and international firms to develop pharmaceutical products including insulins, vaccines, plasma therapeutics, monoclonal antibodies and cell and gene therapies among others, the PIF said in a statement on Sunday (Jun 18). The statement didn&rsquo t disclose any financial details of the proposed investments.
Lifera, as the new entity is known, will &ldquo enable the private sector to scale up, ensuring easier access for patients, whilst securing the supply of life-saving medicines that can meet local, regional and global demand&rdquo , said Yazeed Al-Humeid the PIF&rsquo s deputy governor.
https://www.channelnewsasia.com/business/astrazeneca-planning-china-business-spin-report-3570941
chartistkao1 ( Date: 19-Jun-2023 11:04) Posted:
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