Novo Nordisk has cut its cell therapy division, which has been trying to find a cure for type 1 diabetes, Bloomberg News reported on Friday, citing a statement.
https://finance.yahoo.com/news/novo-nordisk-halts-cell-therapy-155413607.html
Friday, October 10, 2025
China said to tighten customs checks on Nvidia's AI chips
China has stepped up the enforcement of its chip restrictions, deploying teams of customs officers at major ports nationwide in recent weeks to conduct rigorous inspections of semiconductor shipments, the Financial Times reported.
The inspections first started with the aim of ensuring local firms stop buying Nvidia's China-specific chips, after China's regulators sought to discourage their purchase, the newspaper said, citing people familiar with the matter.
However, check-ups have been expanded recently to all advanced semiconductor products, in a bid to also combat the smuggling of chips that violate US export restrictions, the report added.
China opens antitrust probe into Qualcomm
China's State Administration for Market Regulation initiated an investigation into US semiconductor manufacturer Qualcomm Inc. on Friday for suspected violations of antitrust laws, according to Chinese state broadcaster CCTV.
The agency is probing Qualcomm's acquisition of connected-vehicle technology provider Autotalks as it failed to declare the concentration of operators in accordance with local law. The US chipmaker announced the takeover in June.
Qualcomm's shares shed 3% in premarket trading in New York following the announcement.
https://breakingthenews.net/Article/China-opens-antitrust-probe-into-Qualcomm/64959821
Teck in talks to provide critical minerals to US
Teck Resources Ltd. is in discussions with the United States and Canada to provide them with critical minerals, CEO Jonathan Price said at the Financial Times Metals and Mining Summit on Friday. The Canadian company is negotiating the supply of germanium, antimony and gallium.
Price said Teck could cover the needs of North America "and potentially all of the needs of the G7 countries." He also noted the market uncertainty caused by China's potential further export controls, suggesting that Beijing uses its significant natural resources in critical materials "to some extent as a coercive tool in trade relationships." However, he did not welcome the possibility of the Trump administration taking a stake in Teck, stating that it is not "necessarily a path that we need to be going down."
https://breakingthenews.net/Article/Teck-in-talks-to-provide-critical-minerals-to-US/64961890
Switzerland hopes for China free trade deal at 2026-start
Swiss Foreign Minister Ignazio Cassis (pictured right) hosted Chinese Foreign Minister Wang Yi (pictured left) in Bellinzona, Switzerland, on Friday.
Speaking to reporters after their meeting, Cassis expressed hopes that an updated free trade agreement with China would be reached at the start of 2026. "We are pleased that the discussions on modernizing [the agreement] are proceeding constructively, and we both hope to be able to complete this work soon," he shared.
In a separate post on X, Cassis revealed that the focus of today's talks, apart from the trade deal, was also on bilateral cooperation, global stability, and multilateralism.
'Iraq to Ink Major Oil Development Deal With ExxonMobil'
Iraq will sign an agreement with Texas oil major, ExxonMobil, to manage, develop, and operate the Majnoon oil field in the country’s south, three Iraqi officials familiar with the matter told Reuters on Thursday.
The deal will also cover upgrades to Iraq’s oil export infrastructure in the south and include a profit-sharing arrangement for crude and refined products. Iraq's State Organization for Marketing of Oil (SOMO) is expected to formalize the agreement alongside ExxonMobil and the state-owned Basra Oil Company.
According to Bloomberg, the US-based energy giant has reached a non-binding heads of agreement with Baghdad to re-enter Iraq two years after its withdrawal.
Iraqi Prime Minister Mohammed Shia al-Sudani confirmed the preliminary deal but did not disclose details. An Exxon spokesperson told Reuters, “We are pleased to have signed an HoA with the Iraqi Oil Ministry to evaluate exploration, development, and oil marketing opportunities in Iraq.”
The Majnoon field, located around 60 kilometers from Basra, is among the largest in the world with an estimated 38 billion barrels of oil in place. The agreement is meant to secure storage capacity in Asian markets, potentially through Exxon’s facilities in Singapore.
Former Basra Oil Company operations manager and analyst Muwafaq Abbas said the deal reflects Iraq’s push to modernize its energy sector and recalibrate ties with Washington.
“The deals carry political weight, signalling Baghdad’s intent to rebalance regional ties and deepen its integration with western markets,” he said.
ExxonMobil was one of the first western companies to return to Iraq after the 2003 US invasion, but exited the West Qurna-1 project in 2024, citing unsatisfactory returns and political complications. The agreement coincides with a surge of Chinese-led projects reshaping Iraq’s southern oil hub.
In September, China Petroleum Pipeline Engineering (CPP) signed a $2.5-billion deal to build a 950-kilometer seawater distribution system supplying Majnoon and other fields, designed to sustain production by maintaining reservoir pressure.
In July, PowerChina secured a $4 billion contract for Iraq’s first major seawater desalination plant in Basra, a project that will feed industrial and energy operations across the region.
At the same time, Chinese private oil companies plan to double their collective output in Iraq to 500,000 barrels per day (bpd) by 2030, reflecting Beijing’s expanding control of mid and downstream infrastructure.
Iraq, which holds some of the world’s largest oil and gas reserves, aims to raise production from around 4 million bpd to more than 6 million by 2029.
https://www.zerohedge.com/energy/iraq-inks-major-oil-development-deal-exxonmobil
Protagonist up after J&J acquisition talks report
Protagonist Therapeutics (NASDAQ:PTGX) stock spiked 10% before being halted for volatility after The Wall Street Journal reported that Johnson & Johnson (NYSE:JNJ) is in talks to acquire the biotech company.
The potential acquisition would strengthen the existing partnership between the two companies, according to people familiar with the matter cited by the WSJ. While specific details of the negotiations weren’t disclosed, the report indicated that a deal is not guaranteed.
Protagonist Therapeutics had a market capitalization exceeding $4 billion as of Thursday’s close. Any potential acquisition would likely value the company significantly higher than its current market value, including a typical acquisition premium.
Trading in Protagonist shares was temporarily suspended following the sharp price movement triggered by the acquisition report. The company specializes in developing novel peptide-based therapeutics.
Johnson & Johnson’s interest in Protagonist would represent another strategic move in the pharmaceutical giant’s ongoing portfolio expansion efforts through acquisitions of promising biotech companies with complementary therapeutic pipelines.
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