The IMF trims its economic growth forecast again as the U.S.-China trade war continues, Brexit worries linger and inflation remains muted.Economyread more
Citigroup thinks Tesla investors hoping for a post-earnings rally later this week should scrutinize a pair of related financial metrics.Investingread more
Olive branches were extended from both China and the U.S. as the two nations are set to restart face-to-face trade negotiations after a monthlong truce.Marketsread more
Coca-Cola topped Wall Street's expectations for earnings and revenue.Food & Beverageread more
New disclosures show Facebook and Amazon each spent more than $4 million on lobbying activity in the second quarter of 2019.Technologyread more
Boris Johnson, one of the biggest voices in the Brexit movement, wins the Conservative Party leadership race by a 2-1 margin.Europe Politicsread more
Disney can nearly double its earnings by 2024, Morgan Stanley said in a note to clients on Tuesday.Investingread more
Amazon is expected to report its second-quarter earnings on Thursday.Investingread more
The largest residential brokerage company in the U.S. is partnering with the largest online retailer in a strategy to boost sales for both.Real Estateread more
Here are the biggest calls on Wall Street on TuesdayInvestingread more
Canaccord Genuity's Tony Dwyer believes stocks are about to fall as much as 5% from their all-time highs.Trading Nationread more
Ian Read, Pfizer chief executive, put the case for the company's $106 billion bid for AstraZeneca in front of the Science and Technology Select Committee on Wednesday – but they did not appear to have been convinced by his commitments to U.K. jobs if the bid was successful.
"The Government must be willing –and, crucially, able - to hold Pfizer to account if necessary," the MPs wrote in a letter to the Science Minister, which was made public.
This infers that the laws governing takeovers in the U.K., which currently only allow the government to intervene in defense, media and banking, might be expanded to include pharmaceuticals, specifically to combat Pfizer's attempts to gain control of AstraZeneca.
In response, Pfizer said British science was "at the heart" of its vision for a tie-up with AstraZeneca, adding that it had made "unprecedented commitments" to the U.K..
"These commitments have been made without an opportunity to fully assess what the combined company would look like. Every business must maintain flexibility to adapt to an ever changing business environment. Giving assurances for a minimum of five years is a long term commitment for any company," Pfizer said in a statement.
The bid, which was rejected out of hand by AstraZeneca management, has been criticized for being partly motivated by tax, and for potentially leading to a reduction in headcount for scientists employed by both companies in the U.K.
Read committed to keeping 20 percent of Pfizer's global research and development in the U.K. for five years post-acquisition, which he accurately pointed out is an "unprecedented" level of commitment for the U.S. giant.
There has already been an unprecedented level of scrutiny of Pfizer's intentions for AstraZeneca, with MPs from the opposition Labour Party in particular piling in to criticize the bid.
Worries at AstraZeneca
AstraZeneca's research and development workers may be right to be anxious about their future, despite Pfizer's head of research and development Mikael Dolsten's words about creating a "powerhouse of science" through the merger.
An analysis of patents filed by the two companies, by ANT Works, an Amsterdam-based R&D analytics start-up backed by Dutch and Silicon Valley investment, suggests that "there are very few areas where AstraZeneca can claim to be unique to Pfizer."
Pfizer is also more dominant than the smaller company in over 80 percent of the areas where the companies overlap.
"Given Pfizer's handling of previous acquisitions and the vast overlap between the two firms' scientific and technological characteristics, it is unlikely that AstraZeneca's R&D departments will feel secure about their futures," ANT Works warned.