North America
CNBC Finance

People switching to Novo's Wegovy pill from obesity injections kept losing weight in real-world study 

People who switched from obesity injections to Novo's new Wegovy pill continued to lose weight after three months, according to an analysis of real-world data the company presented on Wednesday. Real-world studies evaluate associations and can't determine causality. But the results suggest that the Wegovy pill may improve upon the initial weight loss people experience on blockbuster injections rather than simply maintain it. It also suggests that patients may not need to take weekly shots like Wegovy and Zepbound forever, and can instead opt for more convenient treatments such as Novo's pill. Novo's analysis used data from Ro's telehealth platform on 194 patients with obesity or who were overweight, around 56% of whom were female. Half started on Novo's Wegovy injection and the rest initially took Eli Lilly's shot Zepbound. Patients who switched from an injection to the Wegovy pill and stayed on treatment for three months lost roughly 4% of their weight, or an additional 8.8 pounds, on average. That's based on an average starting weight of around 221 pounds before taking the pill, Novo said. Of those participants, 2 in 5 achieved 5% or more weight loss three months after switching to the pill. Meanwhile, the share of people with a body mass index at or above 30 decreased by more than 21% three months after switching to oral Wegovy. A BMI of 30 shifts a person from the overweight category into obesity. "We have the unique benefit that, in the market, the subcutaneous Wegovy can now be interchanged with a tablet of Wegovy, and the patient can expect the same tolerability profile, the same safety profile, and actually a little bit more weight loss, which is what a lot of them want," Martin Holst Lange, Novo's chief scientific officer, said in an interview. Among patients with available data, around 82% reported at least one improvement during treatment with the pill. That includes almost 70% who reported better-fitting clothes and around 51% who said they pursued healthier eating. Around 75% of patients in the analysis said they were satisfied with the switch to a pill, according to Novo. "I think we are seeing a shift where we, maybe just a year ago, we actually thought that the vast majority of patients who wanted treatment for obesity were happy with a subcutaneous treatment," Lange said. "We see that picture differently now. We clearly see a preference for orals." He pointed to people who travel a lot and don't want to think about refrigerating their injections. It is among the first real-world evidence of weight loss outcomes among patients switching from blockbuster injections, particularly Novo's Wegovy shot and Lilly's rival Zepbound, to the new pill. But the study's limitations include variable timing and completeness of the data collected during routine telehealth care, self-reported data being subject to bias and results "not being generalizable to the broader population," Novo said. The figures are also one of several new datasets Novo is unveiling this week on its obesity and diabetes pipeline at the European Association for the Study of Diabetes in Milan, Italy.

People switching to Novo's Wegovy pill from obesity injections kept losing weight in real-world study 
North America
CNBC Finance

Eli Lilly says closely watched combo obesity regimen boosts weight loss in mid-stage trial

Eli Lilly on Wednesday said its experimental combination regimen resulted in greater weight loss than a high dose of its top-selling drug, tirzepatide, alone in a mid-stage trial on patients with obesity and Type 2 diabetes. The combo therapy met the study's main goals in a population that typically struggles to lose weight. The results raise hopes that the combo regimen could serve as an alternative blockbuster treatment option for people who didn't see the results they wanted from using the current GLP-1 products on the market. Lilly said it plans to start Phase 3 trials on the regimen at the end of the year. The combination treatment combines Lilly's experimental drug eloralintide, which targets amylin — a hormone in the pancreas involved in appetite and satiety — with a low dose of tirzepatide, the active ingredient in its obesity injection Zepbound and its diabetes counterpart Mounjaro. Tirzepatide targets two gut hormones, GLP-1 and GIP. Lilly believes that hitting all three pathways, including amylin, can further reduce appetite and improve weight loss — and the combo drug did just that in the 48-week Phase 2 trial. People taking the highest dose of the combo regimen lost up to 23.3% of their weight, or around 54 pounds, on average. That treatment combined 9 milligrams of the amylin drug and 15 milligrams of tirzepatide. Meanwhile, patients taking only a 15-milligram dose of tirzepatide saw 14.8% weight loss, or 34.4 pounds, on average. Those who took eloralintide alone lost up to 12.3% of their weight, or 28.6 pounds, on average. "Patients may not get what they need from a drug like tirzepatide," Ken Custer, president of Lilly Cardiometabolic Health, said in an interview. "They may not get what they need from a drug like a eloralintide on its own. The ability to combine them together and provide even greater weight loss — that's definitely one obvious" benefit of the new regimen. The combo treatment also lowered a key measure of blood sugar levels — A1C — by up to 2.9% on average. Higher-dose tirzepatide reduced A1C by up to 2.4% on average, while the amylin drug lowered it by up to 1.4% on average. Lilly may face more questions from investors and the medical community about how well patients tolerate and stay on the highly effective combination therapy. More patients on the combo regimen — 10.8% to 27%, depending on the dose — discontinued treatment due to side effects, compared with the 2.9% of people on tirzepatide alone in the trial. Up to 10.8% of people on the amylin drug alone discontinued treatment due to side effects, compared with 16.7% with placebo. Lilly said the side effects were more frequent in groups taking the combination regimen compared with tirzepatide or the amylin drug alone. The most common side effects of the combo therapy were gastrointestinal-related, generally mild or moderate in severity, and mainly occurred when patients increased doses in the trial.

Eli Lilly says closely watched combo obesity regimen boosts weight loss in mid-stage trial
North America
CNBC Finance

MGM CEO leaves door open to People Inc. bid as casino dealmaking heats up

MGM Resorts International CEO Bill Hornbuckle is leaving open the possibility that the casino operator could acquire Barry Diller's People Inc., a striking reversal after the media company abandoned its own effort to take over MGM. Asked at the Global Gaming Expo this week whether MGM was considering buying People Inc., Hornbuckle said MGM would continue pursuing what is in the best interest of shareholders and "trying to unlock the value of a company that we think is grossly undervalued." Hornbuckle pointed to MGM's collection of assets, including BetMGM, its casino operations in Macao, its resort under construction in Japan and its properties in Las Vegas. The Wall Street Journal reported last week that MGM was exploring an offer for People Inc. The publishing and holding company, formerly known as IAC, owns roughly 27% of MGM and is its largest shareholder. People Inc. last week withdrew its $48.30-per-share proposal to buy the rest of MGM. Diller said the "mix" of factors required to complete the transaction had not come together as the company had hoped, but said People Inc. remained interested in a possible strategic transaction with MGM. Hornbuckle called Diller and People Inc. "an amazing shareholder" and said Diller remains bullish on Las Vegas. "There's nothing like it replicated anywhere in the world," Hornbuckle said. "It is the one place, particularly in his world, where AI won't disintermediate it." Unlike some of People Inc.'s publishing and digital businesses, Hornbuckle said, Las Vegas is built around physical experiences that artificial intelligence cannot replace. "People are coming here to enjoy things physically, and that's not going to change," he said. MGM shares were trading near $32 ahead of the G2E discussion, well below the $48.30 price People Inc. had offered in June. The talks between MGM and People Inc. come as one of MGM's biggest Las Vegas rivals prepares for a take-private transaction. Caesars Entertainment shareholders last week approved the company's $17.6 billion sale, including assumed debt, to Fertitta Entertainment. The deal would combine Caesars' casino and digital operations with Tilman Fertitta's Golden Nugget casinos, Landry's restaurant group and other hospitality assets.

MGM CEO leaves door open to People Inc. bid as casino dealmaking heats up
Europe
The Guardian

Federal Reserve watchdog finds no criminal violations for building renovation cost overruns

Donald Trump and Jerome Powell visit the Federal Reserve building on 24 July 2025 in Washington DC. Photograph: Julia Demaree Nikhinson/APView image in fullscreenDonald Trump and Jerome Powell visit the Federal Reserve building on 24 July 2025 in Washington DC. Photograph: Julia Demaree Nikhinson/APFederal ReserveFederal Reserve watchdog finds no criminal violations for building renovation cost overrunsTrump criticized $2.4bn rehab amid attempts to pressure then Fed chair Jerome Powell into lowering interest rates An internal watchdog said the Federal Reserve mismanaged costs associated with a $2.4bn renovation of its Washington DC headquarters, but noted that no criminal violations occurred, according to a report released on Wednesday. For over a year, Donald Trump has centered his attacks against the Fed and former chair Jerome Powell around the renovations, including a months-long Department of Justice criminal investigation that was dropped in April. The report said that the Fed’s board of governors “has not effectively managed” the construction project and “repeatedly deviated from its cost-management provisions”, but noted that the mismanagement was not criminal and that it did not find any administrative misconduct in its evaluation. “At no point during our evaluation did we find reasonable grounds to believe that a violation of federal criminal law had occurred,” the report said. Over the course of renovations, construction costs have gone from an initially budgeted $921m in February 2020 to $2.018bn by December 2024. Construction was supposed to be completed in mid-2024 but is not slated to go until December 2027. The renovations have been a key part of the tension between the White House and the Fed, which by law is supposed to be non-partisan and independent. Trump has long been trying to pressure the Fed into lowering interest rates, to no avail. Trump latched on to the Fed’s ongoing renovations as an attack point against Powell in June 2025, suggesting that it amounted to corruption. He suggested that renovations included elaborate features including a VIP dining room and a garden terrace. In response, the Fed posted a video tour of the ongoing construction, noting that two buildings have not undergone renovations since the 1930s. Trump visited the Fed’s headquarters to highlight the expenses that July. Donning hardhats in the bowels of the construction site, Trump and Powell had a spat over budget figures. “It looks like it’s about $3.1bn,” Trump said at the time. “It went up a little bit or a lot.” The typically reserved Powell became visibly annoyed. “I am not aware of that,” he said.

Federal Reserve watchdog finds no criminal violations for building renovation cost overruns
Europe
The Guardian

Good news in US inflation report boosts chances Fed won’t hike rates

Traders work on the floor of the New York Stock Exchange before the closing bell on 29 September 2026. Photograph: Sarah Yenesel/EPAView image in fullscreenTraders work on the floor of the New York Stock Exchange before the closing bell on 29 September 2026. Photograph: Sarah Yenesel/EPAUS economyGood news in US inflation report boosts chances Fed won’t hike ratesTraders see about a 35% chance of an October rate hike, down from ​about 45% following White House pressure Good economic news boosted Wall Street’s main indexes on Wednesday, as a softer-than-anticipated inflation reading buoyed up hopes that the Federal Reserve might not hike rates as soon ⁠as next month. A commerce department report ⁠showed the personal consumption expenditures (PCE) ​price index stood at 3.4% on an annual basis in August against estimates of 3.7%, per economists polled by Reuters. Separately, second-quarter GDP data – the broadest measure of the economy’s health – showed that the US economy grew at a solid clip, driven ⁠by robust consumer spending and business investment related to the buildout of AI infrastructure. “The market had been tracing out a bullish formation, meaning the price pattern suggested that any positive catalyst could trigger a move higher and that’s exactly ⁠what happened,” said Sam Stovall, chief investment strategist at CFRA Research. Traders now see a roughly 35% chance of an October rate hike, down from about ​a 45% chance, according to data ‌compiled by LSEG. The Federal Reserve is under pressure to cut rates from the White House after raising them earlier this month for the first time since 2023. Inflation has emerged as the top issue for voters in the run-up to the midterm elections with Donald Trump receiving poor marks for his handling of the economy. US stock markets rose in early trading, but the S&P ended the day down 0.25% and the Dow fell 0.86%. The Nasdaq ended the day up 0.24%. Despite weakness in September, driven by bond market volatility and elevated oil prices amid the US-Iran conflict, the benchmark S&P 500 and the ‌Nasdaq were on pace for a second straight quarterly advance, if gains hold. On ​Wednesday, the yield on the 10-year treasury bond held steady at 5.246%, a day after hitting its highest since June 2007. Crude oil prices rose on the day, with the December contract for Brent crude futures moving higher. There was also positive news from the jobs market. ADP, the US’s largest payroll supplier, said private employers added 90,000 jobs in September, higher than expected and up from 36,000 in August. On Friday, the labor department will release its latest monthly jobs tally, which is expected to show a gain of 84,000 for September, down from 162,000 in the prior month.

Good news in US inflation report boosts chances Fed won’t hike rates
North America
CNBC Finance

Goldman Sachs CEO succession planning faces one big problem

Goldman Sachs is on top of Wall Street right now, advising on more than $1 trillion in merger deals and generating more than $12 billion in equities revenue in the first six months of the year alone. Those records make it all the more striking that Goldman's board has reportedly discussed replacing CEO David Solomon, 64, with president John Waldron, 57, as early as next year. The succession plan, which would elevate Solomon to executive chairman, could be voted on by the bank's board in coming months, The Wall Street Journal reported late Monday. The transition would be one of the "smoother and more deliberate" leadership handovers seen on Wall Street, Wells Fargo banking analyst Mike Mayo wrote Monday. But there's a key risk facing Goldman: Solomon may not be ready to give up his seat, and Waldron may not be willing to wait for it indefinitely. Solomon has gotten Goldman back on track after an ill-fated foray into consumer banking earlier in his tenure. With help from a deals rebound powered by the Trump administration and the artificial intelligence boom, Goldman is once again a clean story for investors: It's the top pure-play investment bank. "It's just very hard for a person like that to decide they are really going to retire," said retired University of Delaware law professor Charles Elson. "Being 65 years old today is like being 55 was 30 years ago." Elson also noted that Solomon is chairman of Goldman's board and holds outsized influence over the body, making it hard for him to be forced out. Goldman spokesman Tony Fratto said there is "no definitive timeline for succession" at the bank. Bank boards often discuss succession planning over the near, medium and longer term. Another expert in CEO succession, Yale School of Management's Jeffrey Sonnenfeld, said it would be bad governance if Goldman's board was trying to "drive out a high performing CEO like David Solomon." Under Solomon, who took over as CEO in 2018, Goldman shares are up more than 300%, the second-best performance versus the KBW Bank Index, according to Mayo. Only JPMorgan Chase CEO Jamie Dimon, who has led his firm for nearly 21 years, has done better. That leaves Goldman in something of a bind: Even if Solomon is planning on leaving in a year, he has little incentive to say so. Doing so would make him a lame duck with less influence inside the bank, according to Elson.

Goldman Sachs CEO succession planning faces one big problem
North America
CNBC Finance

Alaska Airlines unveils massive premium cabin overhaul in high-end travel race

Alaska Airlines is overhauling cabins across Alaska and Hawaiian Airlines to add hundreds of high-end seats and building new airport lounges, banking on customers' continued willingness to pay a premium for travel luxuries to grow its profits into the next decade. The changes were announced ahead of Alaska's investor day in Seattle on Tuesday, when the carrier's executives will face questions on the new offerings, how the airline is coping with the profit-eating surge in jet fuel this year, and its ability to reach its goal of $1 billion in added profit from end of 2024 to the end of 2027. It said Tuesday that it's two-thirds of the way there. Investors are also likely to tie the new products to the company's prospects to grow its co-branded credit card and loyalty program, which have generated billions for airlines. Alaska said it's working to become more reliant on revenue from premium seats, international flights, its loyalty program and cargo, which is higher margin than the main cabin. It forecast on Tuesday that those more lucrative products will reach close to 60% of its total revenue by 2030, up from 53% currently. Even with the cabin changes, Alaska, which completed its merger with Hawaiian Airlines in September 2024, will continue to operate the two airlines as separate brands. U.S. airlines have been spending the past few years revamping their cabins to add more premium seats, often at the expense of coach seats, since first-class fares can go for many times more than an economy-class ticket, and customers keep paying to sit closer to the front. Most of Alaska Airlines' fleet doesn't have lie-flat or other premium options that are common on competitors' jets. Alaska is far from the first carrier to remodel its cabins, but that might work to its benefit when the fresh product hits the market. "There is an advantage to being the last mover in that you've seen what your competitors have and if you want to you can try to one-up them," said Henry Harteveldt, founder of Atmosphere Research Group, a travel consulting firm. The Hawaiian Airlines Airbus A330s, used for flights to Hawaii, Asia and Oceania, have "aging interiors," said Shane Jones, Alaska's head of fleet. The new options will bring the total count down to 254 seats from 278 on those planes. Jones said the new options will give Hawaiian a range of premium choices, from the honeymoon splurge to repeat Hawaii visitors looking for a step-up from coach. He told CNBC that the airline spent months looking at fabric samples at the company's headquarters in Seattle under different types of lighting to pick the right one. Some shades were too bright pink, while others were too drab. He said that the airline wanted to evoke the colors and mood of tropical escapes to Hawaii with a wave pattern sewn into the seat, and that the carrier evaluated how many waves were enough because too many could be dizzying.

Alaska Airlines unveils massive premium cabin overhaul in high-end travel race
North America
CNBC Finance

El Pollo Loco to open first New York restaurant as it aims to become national chicken chain

El Pollo Loco will open its first New York City restaurant next year as the California chain looks to become a national player. El Pollo Loco has closed three development agreements for a total of 15 restaurants in the New York area over the next five years, the company announced on Tuesday. The first location is expected to open in Queens in mid-2027. Founded in Mexico in 1975, El Pollo Loco opened its first U.S. restaurant in Los Angeles. The majority of its locations are still concentrated in California, but its footprint has grown to more than 500 restaurants across 10 states. It is best known for its bone-in grilled chicken, although its menu has expanded. CEO Liz Williams wants to make El Pollo Loco into a national chain. To expand outside its Southwestern stronghold, El Pollo Loco will open restaurants on the East Coast and then move its way back to the West, she said. To succeed in new markets, the chain will have to build its brand awareness in a crowded space at a time when consumers are watching their budgets. "Being a 50-year-old brand, people have seen it over the years and have always had that curiosity, but we have our work cut out," Williams said. Under Williams' leadership, El Pollo Loco has embarked on a turnaround focused on modernizing its restaurants and expanding its menu into more convenient options, like wraps and chicken tenders. The efforts have started to pay off for the chain, which has reported three straight quarters of same-store sales growth. "In the current quarter, we've expanded margins, and the business model is healthy overall," Williams said. "The brand has gotten even stronger and healthier." El Pollo Loco has also expanding quickly during her tenure. When she began in March 2024, the chain was in just six states, she said. And while it opened nine restaurants last year, El Pollo Loco is projecting 18 to 20 new locations by the end of 2026. Investors like the company's trajectory. Shares of El Pollo Loco have climbed 44% over the past year. The S&P 500 rose more than 15% over the same period. Its comeback coincides with a challenging time for the restaurant industry. Burger and taco chains have been facing soaring costs for beef. Consumers have been dining out less frequently to save money, which has intensified competition between eateries. El Pollo Loco has also had to contend with more competition as restaurants aim to cash in on growth in the chicken category. McDonald's and Taco Bell — Williams' former employer — have expanded their chicken options in recent years, informed by consumer market research. And chicken-focused chains have been expanding quickly, from newcomer Dave's Hot Chicken to Southern names like Zaxby's and Raising Cane's.

El Pollo Loco to open first New York restaurant as it aims to become national chicken chain
North America
CNBC Finance

Disney laying off around 300 employees in latest cuts under new CEO Josh D'Amaro

Disney is laying off around 300 employees in its latest round of job cuts since CEO Josh D'Amaro took the helm earlier this year, according to a person familiar with the matter. The majority of the cuts were to human resources and technology roles, said the person, who spoke on the condition of anonymity because they were not authorized to speak publicly. In April, Disney planned to eliminate as many as 1,000 roles, as D'Amaro consolidated its enterprise marketing division, CNBC reported at the time. Further cuts were made in July as the company reduced its workforce by several hundred people across corporate functions, including at Pixar, ESPN, Disney Entertainment Television and Disney's studios, according to various media reports. The majority of those layoffs occurred within Pixar and National Geographic. Disney warned about the most recent round of reductions in its August earnings report, saying it was evaluating ways to reduce costs at the company. Around that time, Disney also began offering early-retirement buyout packages to longtime executives. "We remain highly focused on reducing costs across the enterprise to create incremental capacity to invest for growth and are evaluating a variety of levers, including reductions in labor and SG&A," Disney said in that report. "We are mid-stream in this work and will provide future updates on progress." D'Amaro stepped in as CEO at Disney in March, replacing longtime chief executive Bob Iger, and has prioritized a strategy dubbed "One Disney" that aims to better align the company's many divisions and integrate compatible businesses. The goal is a seamless flywheel that brings together Disney's intellectual property across its film, streaming, theme park, consumer goods, gaming and sports divisions, D'Amaro has said. Disney, like other legacy media companies, is at an inflection point as streaming and digital entertainment overtake the traditional media landscape. In order to adapt and make new investments, the company has resorted to cutting costs and streamlining its divisions. 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.

Disney laying off around 300 employees in latest cuts under new CEO Josh D'Amaro