Indian billionaire investor Rakesh Jhunjhunwala says he's very upbeat about his country's growth potential after the country underwent a massive banking crisis and the rollout...Asia Economyread more
Stocks in Asia mostly recovered in Tuesday afternoon trade as investors cheered a reprieve in U.S.-China trade tensions surrounding Chinese telecommunications giant Huawei.Asia Marketsread more
The issue of corporate debt has surfaced as companies continue to use the low rates the Fed has provided to lever up their balance sheets.The Fedread more
The U.S. government on Monday temporarily eased some trade restrictions imposed recently on China's Huawei, a move that sought to minimize disruption for the telecom company's...Technologyread more
Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
Mall owners are increasingly building out food halls with local chef-driven eateries, sushi bars and premium coffee shops.Retailread more
While Trump's lawyers had argued that the committee's subpoena did not have a legitimate legislative purpose — and was therefore invalid — Mehta took a broader view.Politicsread more
A record 257.4 million travelers are expected to opt for U.S. airlines for travel this summer, the 10th consecutive annual increase, a trade group forecast on Tuesday.Airlinesread more
See which stocks are posting big moves after the bell on Monday, May 20.Market Insiderread more
Huya, a Chinese live streaming platform focused on gaming, is looking to expand into the U.S. in the next couple of years, CEO Rongjie Dong told CNBC. The U.S. is expected to...Technologyread more
Binny Bansal, co-founder of Indian e-commerce giant Flipkart, says there are three traits that led to the business landing a record-breaking sale to retail giant Walmart.Entrepreneursread more
Swiss drugmaker Novartis said on Wednesday sales and profit rose in the second quarter, as demand for its psoriasis-and-arthritis medicine and heart-failure drug offset weakness at the Sandoz generics unit.
The company's core operating profit rose 7 percent to $3.541 billion, compared with average forecast of $3.46 billion in a Reuters poll. Sales climbed 5 percent to $13.158 billion compared with forecast of $12.92 billion.
As the demand for its psoriasis-and-arthritis Cosentyx drug and heart-failure medicine Entresto rose, the company confirmed 2018 outlook, lifting expectations for its Alcon eye-care business. However, Novartis lowered forecast for Sandoz as pricing pressure on its U.S. pills business takes a toll.
Novartis Chief Executive Vas Narasimhan is counting on sales and profit to rise this year as Cosentyx accelerates and as Alcon, which he plans to spin off next year to investors, recovers from a years-long slump.
"We made significant progress this quarter to transform Novartis into a focused medicines company," Narasimhan said. "Operationally we delivered solid growth, with margins expanding and key growth drivers including Cosentyx delivering strong performance."
The Swiss group's net income jumped to $7.8 billion, including a $5.7 billion net gain from the sale of Novartis's stake in a consumer healthcare joint venture to GlaxoSmithKline.
Net sales for the full year are expected to grow in the low to mid-single digit percentage range, with core operating income to grow by a mid- to high-single digit percentage.