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North America
CNBC Finance

Eli Lilly CEO says 700,000 new seniors have started GLP-1s after Medicare coverage, and 70% are on Lilly drugs

Eli Lilly CEO Dave Ricks told CNBC on Monday that 700,000 new seniors have started GLP-1 treatments since Medicare coverage of obesity drugs launched in July, and 70% of those patients are on Lilly medicines. In an exclusive interview with CNBC, Ricks called the rollout of coverage "very encouraging" so far, saying its expansion of the broader GLP-1 market "is what we had hoped." His comments offer the latest metrics on how much the coverage is expanding access to the medicines, and who appears to be gaining more momentum among new patients between Lilly and its chief rival, Novo. The coverage is through a temporary program called "Bridge," which allows eligible beneficiaries to obtain weight loss drugs for a $50 monthly co-pay. The federal Medicare program is for people age ​65 and older ​or with disabilities ⁠and covers about 66 million people. Lilly's blockbuster obesity injection Zepbound appears to be the biggest winner of Medicare coverage so far. Through the program, seniors can get access to Zepbound along with Lilly's newly launched obesity pill, Foundayo, Novo's competing Wegovy pill and blockbuster injection under the same name. "We're capturing about seven out of 10 of those new patients, and a lot are still on Zepbound," he said. "I think we still see physicians focusing on those with the most body weight and the most complications. That's where Zepbound plays a big role." Lilly's Foundayo plays a larger role for patients who are looking for a convenient treatment option and "maybe just need to lose 25 to 30 pounds," Ricks added. That pill launched in April a few months behind Novo's, but Ricks told CNBC that one-third of new patients on oral GLP-1s are taking Foundayo. He said he hasn't heard of many logistical issues with the rollout, saying the Centers for Medicare and Medicaid Services "did a nice job rolling this out," educating physicians and working with both companies and the insurance system. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Eli Lilly CEO says 700,000 new seniors have started GLP-1s after Medicare coverage, and 70% are on Lilly drugs
Europe
The Guardian

US mortgage rates top 7% for first time in 20 months

Homes in Palm Beach Gardens, Florida. Mortgage rates have been creeping back up since late February. Photograph: Bloomberg/Getty ImagesView image in fullscreenHomes in Palm Beach Gardens, Florida. Mortgage rates have been creeping back up since late February. Photograph: Bloomberg/Getty ImagesUS economyUS mortgage rates top 7% for first time in 20 monthsIncrease comes after Fed decision to raise interest rates, as Americans struggle with high prices and stagnant wages US mortgage rates surpassed 7% for the first time since January 2025, according to federal lender Freddie Mac, aggravating a housing market that has endured years of high interest rates and low supply. The increase comes after the US Federal Reserve hiked interest rates, which directly affect mortgage rates, for the first time since 2023, citing high inflation. Rates on 16 September went up by a quarter of a point, to a range of 3.75% to 4%. In new projections, a majority of the Fed’s rate-setting committee predicted at least one additional rate hike before the end of this year. Last year, the Freddie Mac 30-year-mortgage rate, commonly used on home loans across the country, had been trending down from 7.79% – a generational high reached in late 2023. But rates have been creeping back up since late February, when the US and Israel launched its war with Iran. The conflict drove inflation to its highest levels in three years and sharply increased energy prices. Brent crude, the international benchmark for oil, topped $105 earlier on Thursday. On Thursday, the 10-year US treasury yield – which underpins the 30-year mortgage rate and other borrowing costs – also reached its highest level since July 2007 and the 30-year Treasury yield hitting its peak since 2004 as investors raised expectations for another Fed rate hike next month. Earlier in September, US treasury secretary Scott Bessent announced the Treasury would triple its buyback of government debt, but yields have continued to rise. The housing market has long been in a slowdown, said Anthony Smith, a senior economist at Realtor.com, with existing home sales hitting their 2026 low so far in August and pending sales that have turned negative year over year. “A 7% handle is as much psychological as mathematical, and it arrives at the point in the season when leverage usually shifts toward buyers,” said Smith. High mortgage rates are just one of the many reasons why Americans are struggling to attain home ownership. Wages have not kept pace with higher inflation, and everyday costs are higher.

US mortgage rates top 7% for first time in 20 months
North America
CNBC Economy

Why Japan’s markets flipped the usual script after central bank rate hike

Japanese markets reacted in a seemingly counterintuitive fashion on Friday after the country's central bank hiked benchmark interest rates to their highest in 31 years. Interest-rate increases ordinarily support a country's currency, push up its bond yields, and put pressure on its stock market. Japan's currency, bond yields, and stock market did exactly the opposite. The yen weakened past 157 against the dollar, the yield on the 10-year Japanese Government Bond slipped, while the Nikkei 225 gained 1.5% as the BOJ raised its policy rate to 1.25%. The hike brought the policy rate to its highest level since 1995, and came just three months after its previous increase. Experts pointed to the split decision by the BOJ's board, as the reason for the uncharacteristic market reaction, as it indicated that the bank might not take a too hawkish stance. "The two dissenting votes in favor of keeping rates unchanged came as a surprise," said Hirofumi Suzuki, chief FX strategist at Japanese bank Sumitomo Mitsui Banking Corporation. The decision to hike was split 7-2, with board members Toichiro Asada and Ayano Sato dissenting from the verdict. Asada noted that as the core inflation rate was below 2%, the economic situation might not be strong, and advocated for holding rates steady. Core inflation for August in Japan stood at 1.7%, down from 1.8% in July. Sato also said current economic and price developments did not appear to have substantially accelerated compared to before. The reaction of the market also stems from the fact that this hike also took place without an updated outlook report, which limited the BOJ's ability to reinforce a hawkish message through revised forecasts, according to Masahiko Loo, senior fixed income strategist at State Street Investment Management. His view was also echoed by Shigeto Nagai, head of Japan economics at Oxford Economics. Nagai told CNBC's "Access Middle East" that the two dissenters signaled that Prime Minister Sanae Takaichi was not convinced to accede to the U.S.' request for faster and more rate hikes. Reuters reported Friday that U.S. Treasury Secretary Scott Bessent had stressed on the need for higher BOJ rates in his meeting with Japanese Finance Minister Satsuki Katayama in May.

Why Japan’s markets flipped the usual script after central bank rate hike
Europe
BBC Business

Farmers down 240 million litres of milk after heat

Extreme heat this summer has led to dairy farmers delivering 240 million fewer litres of milk than expected, researchers have said. Farmers delivered four fewer days of milk supply than would be expected between May and August, according to the Energy and Climate Intelligence Unit (ECIU). With the heat leading to poor grazing conditions, stunted harvests and heat strain on livestock in England and Wales, many farmers have started giving winter feed to cattle, including Debbie Wilkins, a dairy and beef farmer in Gloucestershire. "The costs pile up when you have to bring the cows indoors and the loss of milk production compounds the issue," she said. In total, the ECIU said dairy farmers lost milk valued at more than £83m - enough milk to fill more than one billion school milk cartons. It follows the UK's hottest summer on record in 2026, with five intense heatwaves and drought declarations. But while farmers delivered significantly less than expected over the summer, the ECIU said UK milk production could still hit near record levels in 2026. It said this was because farmers built up a cushion earlier in 2026 which had partially offset the litres lost over the summer. ECIU said the consolidation of dairy farms in recent years had allowed for "economies of scale and mechanisation to increase milk outputs while the herd size reduces". Tom Cantillon, a senior analyst at ECIU, said future heatwaves would become progressively harder to recover from, especially as milk was an "unforgiving product in farming" as it cannot be stockpiled. "A second bad year for grass has pushed farmers into their winter forage early, with feed prices to follow." Cantillon said farmers needed help to roll out climate resilience measures such as more shade, trees and water.

Farmers down 240 million litres of milk after heat
North America
Yahoo Finance

Dow, S&P 500, Nasdaq Futures Climb Ahead Of Key China Summit: CRML, APLD, GME, AMD Stocks In Focus

U.S. stock futures traded higher in the overnight session late Sunday ahead of a key summit this week between President Donald Trump and Chinese President Xi Jinping, expected to take place in Washington. Dow futures climbed 0.27%, while the S&P 500 gained 0.34%, and the Nasdaq-100 edged 0.54% higher at 10:03 PM EDT. On Friday, the Dow Jones Industrial Average declined 0.18% at close. Meanwhile, the S&P 500 index and the Nasdaq-100 climbed 0.17% and 0.67% at close. Meanwhile, the benchmark indexes were mixed last week. The Dow closed down 1.69%, extending to three consecutive weeks of declines. The S&P 500 also fell 0.08% in the same time, while the Nasdaq Composite edged up 0.72%. Last week, U.S. markets were primarily focused on the Federal Reserve’s 25 basis point benchmark rate hike to a range of 3.75% to 4.00%, its first hike in over three and a half years. Meanwhile, long-dated Treasury Yields climbed higher over the weekend after briefly cooling following the Fed’s rate hike decision. The U.S. 10-year Treasury yield was trading at 5% at the time of writing, while the U.S. 30-year Treasury yield was trading at 5.328%. This week, the market is turning its attention to an important summit between the U.S. and China, where the leaders of both countries are expected to discuss tariffs, critical minerals, artificial intelligence and other economic issues. The U.S.-China trade truce is set to expire in early November. U.S. Treasury Secretary Scott Bessent is also expected to meet Chinese Vice Premier He Lifeng ahead of the visit. “Don’t expect too many fireworks, though, because the focus is likely to be an extension of the existing trade truce rather than anything groundbreaking,” Josh Gilbert, lead Asia Pacific analyst for eToro, wrote in a note, according to a Bloomberg report. Meanwhile, on the geopolitical front, conflict in the Middle East escalated over the weekend after Iran-backed Houthis said they had attacked Saudi Arabia with missiles and drones on Saturday. Additionally, Houthi advances along the coast have positioned the group near the Bab el-Mandeb Strait, strengthening its ability to influence shipping between the Red Sea and Asia and potentially disrupt or blockade the vital waterway. Meanwhile, the U.S. Central Command said in a post on X that oil and gas shipments through the Strait of Hormuz hit a six-month high over the weekend, with thousands of vessels safely passing through the critical waterway.

Dow, S&P 500, Nasdaq Futures Climb Ahead Of Key China Summit: CRML, APLD, GME, AMD Stocks In Focus
Asia
The Hindu BusinessLine

KFintech, APMI launch anti-money laundering platform

KFin Technologies and the Association of Portfolio Managers in India (APMI) launched InPro, an intelligent anti- money laundering (AML) and compliance operations platform. APMI has adopted InPro as the central AML compliance platform for its members, providing portfolio managers across the industry access to a common technology infrastructure for screening, reviewing and managing AML alerts. Through InPro, APMI members can access a unified platform that brings together AML screening, continuous monitoring, case management and audit trails within a single operating environment. The platform enables PMS providers to screen investor profiles against global sanctions lists, Indian debarment lists, PEP databases, regulatory watchlists and adverse media sources. Screening can be undertaken during onboarding and subsequently when key customer information or other relevant risk indicators change, according to a release. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

KFintech, APMI launch anti-money laundering platform
Europe
The Guardian

CNN, MS Now and Politico sue Trump after being blocked from White House

Donald Trump holds a news conference in the press briefing room of the White House on 6 April 2026. Photograph: Aaron Schwartz/CNP/Bloomberg via Getty ImagesView image in fullscreenDonald Trump holds a news conference in the press briefing room of the White House on 6 April 2026. Photograph: Aaron Schwartz/CNP/Bloomberg via Getty ImagesDonald TrumpCNN, MS Now and Politico sue Trump after being blocked from White HouseThree news outlets filed lawsuit in attempt to regain access to the White House after having badges disabled In what will be one of the largest battles yet between the press and Donald Trump’s administration, three news organizations – CNN, MS Now (formerly MSNBC) and Politico – that have been denied access to the White House have sued to regain their ability to enter the building, accusing the president of violating the US constitution. The suit was filed on Monday morning in the US district court for Washington DC. Journalists for the three news organizations were denied access to the White House and had their badges disabled on Saturday after the president decreed a day earlier that they would lose their ability to enter the building because of his concerns about their coverage. The parties are seeking a temporary restraining order that would immediately lift the ban – and return access for the journalists – while the case plays out. “This morning, we notified the government that we are filing a lawsuit today to protect our First Amendment rights and defend the principle that the government does not decide what the press reports or publishes,” the news organizations said in a statement, referring to the US constitutional amendment guaranteeing a free press. “Without notice or process, the White House revoked our journalists’ credentials because it objected to our reporting. Left unchallenged, this threatens press freedom and the public’s right to independent journalism free from government interference.” In their lawsuit and request for a temporary restraining order, the parties argue that because the White House has granted access to journalists, those privileges cannot be rescinded based purely on viewpoint considerations. Case law heavily favors the plaintiffs, including past legal challenges that successfully returned the press badges of journalists Jim Acosta – then of CNN – and Brian Karem, then of Playboy magazine, during Trump’s first presidency. “Defendants took these actions in express retaliation for Plaintiffs’ First Amendment-protected newsgathering and speech because they dislike that speech’s content and viewpoint, and for the express purpose of excluding journalists and news organizations with editorial viewpoints disfavored by the Trump administration from the White House grounds,” lawyers for the news organization wrote in a motion, further alleging that the news organizations were unfairly deprived an opportunity to contest the ban as required by the fifth amendment of the US constitution. Laying out the stakes of the ban, the plaintiffs wrote that “they have been suffering serious irreparable harm”, adding: “They have already lost opportunities to perform their constitutionally protected newsgathering and reporting functions at the White House, impairing their ability to speak and publish as members of the press – and they lose more such opportunities every day that the ban remains in effect.” Trump announced the ban late last week in a post on Truth Social, writing that it was “a result of their constant ‘reporting’ FAKE NEWS.” He added: “Media Outlets shouldn’t be able to constantly write or report FICTION and LIES when they’re covering the President of the United States, the Trump Administration, or the United States of America.” Citing Trump’s own words, the news organizations wrote in their lawsuit that “this ban could not be a more direct assault on the First Amendment nor a more blatant violation of our most fundamental constitutional principles.” While there was some uncertainty about whether Trump would follow through, it became clear that the ban was put into effect when journalists from MS Now and CNN attempted to access the building on Saturday morning but were told that their badges had been disabled and were taken.

CNN, MS Now and Politico sue Trump after being blocked from White House
Europe
The Guardian

JoAnn Fabrics fans seek to stitch void left by private equity with crafts co-op

People shop at a JoAnn Fabric as the store is set to close after filing for bankruptcy on 7 March 2025 in Paramus, New Jersey. Photograph: Michael Bocchieri/Getty ImagesView image in fullscreenPeople shop at a JoAnn Fabric as the store is set to close after filing for bankruptcy on 7 March 2025 in Paramus, New Jersey. Photograph: Michael Bocchieri/Getty ImagesBusinessJoAnn Fabrics fans seek to stitch void left by private equity with crafts co-opUS crafters are looking to build a communal network to replace the company after it was bankrupted by private equity investors in 2025 To its dedicated fans, JoAnn Fabrics wasn’t just a fabric store. It was a vital hub for small businesses – wedding dress makers, upholsters, milliners and rug repairers. It taught generations to make, fix and craft. A visit sparked new ideas in a way that shopping online just can’t replicate. Since it became one of hundreds of US companies bankrupted by private equity investors in 2025, it has been sorely missed. Its rise and fall, from a Cleveland, Ohio, store founded by German immigrants in the 1940s to the 800-store chain closed by Leonard Green & Partners, has been memorialized in videos and Halloween costumes. View image in fullscreenJoann Fabrics has been sorely missed since going out of business in 2025. Photograph: Michael Siluk/AlamyBut what was declared dead may not be gone forever. JoAnn’s dedicated followers are trying to figure out a way to bring the essence of the store back, minus the investors who gutted the company. “The ultimate big dream is to try to create an ecosystem that connects all of these people in the crafting world,” said Sandy McClenahan, 35, a legal assistant, hat maker and former tech industry relationship manager. “The model we’re investigating is how member-owned and/or worker-owned co-ops can help do that.” McClenahan published a survey last month suggesting a call to action: “A craft and fabric co-op, owned by us.” The post got hundreds of responses, including one person from every US state and 30 who wanted to be founding members. It wouldn’t be just about buying fabrics, McClenahan added. The goal is to preserve individually owned businesses and the skills owners have. “How can we create an ecosystem that helps all of these crafts stay afloat and not get eaten up by private equity?’” In an era of brutal private equity cost-cutting, ballooning corporate monopolies and shrinking consumer power, the notion of a communal movement replacing JoAnn, which earned more than $2bn in annual revenue in its last good years, may seem like a naive idea or an arcane curiosity. But businesses that prioritize users and workers’ over profits are not only deeply embedded in US history, they are growing and thriving as a reaction to the current state of US capitalism, cooperative specialists say. “People don’t want to feel that the economy is something that’s being done to them,” said Julie Bosland, the head of the Cooperative Development Foundation, a national non-profit. Like publicly traded companies, these entities invest and earn revenues, Bosland said, but they use that capital as a means to grow a business “that serves the members and the community”. Worker-backed cooperatives are growing particularly fast in the US, more than doubling from 315 firms in 2014 to 820 in 2024, in part because of drivers’ cooperatives, or driver-owned rideshare platforms. They join about 30,000 other US cooperatives, including brand names like REI, Ace Hardware and Land O’Lakes, as well as purchasing groups that dominate the farming business and credit unions for employees of corporate giants like Boeing.

JoAnn Fabrics fans seek to stitch void left by private equity with crafts co-op
Europe
BBC Business

X-planes: Are they needed in the new era of drones?

There's a weird and wonderful jet flying over the US. It has the nose of anteater, parts cannibalised from other planes and a cockpit so far back the pilot depends on a camera to see where he's going. The X-59's owes its eccentric design to the problem of sonic booms. The shockwave created by a jet breaking the sound barrier restricted Concorde to flights over the sea and barred it from lucrative routes across the US. Now Nasa is working around that problem using the X-59's elongated snout to flatten supersonic booms into tolerable bumps in the background. On top of its bizarre appearance the X-59 boasts a remarkable lineage. It's the latest in a series of experimental Nasa aircraft dating back to 1947 and the first plane to break the sound barrier, the Bell X-1. Peter Coen, a 43-year Nasa veteran who manages the programme, explains the thinking behind 80 years of X-planes. "Our approach is to pick small goals we aim to prove with flight data and we construct an airframe for that one task." The X-plane philosophy is to "minimise goals, the more goals you have the more expensive it gets." For the X-59 it's about suppressing sonic booms on a budget and nothing else. In the case of the X-1, flown through the sound barrier in 1947 by the legendary test pilot Chuck Yeager, Nasa knew a .50 calibre bullet travelled faster than the speed of sound. So the stumpy little aircraft was shaped like a bullet with wings added. A mere 20 years later the X-15 rocket plane, a cylinder with tiny wings dropped from a B-52 bomber, flew to 6.7 times the speed of sound (4,520 mph) and the edge of space, paving the way for heat-resistant materials vital to the Space Shuttle. Nasa is flying the X-59 in conjunction with community surveys to assess what people think when a supersonic boom is bent by the planes stretched nose and hushed up. "We want to figure out what level of boom is acceptable to people on a regular basis," says Coen, who reckons his machine will sound "like a car door being closed across the street" when it flies past Mach 1, around 660mph at airline cruising altitude. With its cockpit and ejector seat taken from a T-38 training jet, its landing gear from an F-16 fighter and engine courtesy of the F-18 this jigsaw of an aircraft was assembled by Lockheed Martin for Nasa. A camera feeding a screen in front of the pilot relies on instantaneous computer processing to get round the lack of forward vision. It first flew in 2025 and is now breaking the sound barrier over chosen US towns.

X-planes: Are they needed in the new era of drones?