Europe’s top drug companies say they are falling behind the US and China in making new medicines and getting investments. They have asked European leaders to take urgent action to support the pharmaceutical industry and improve Europe’s global competitiveness.
Key Facts
Nine major European drug companies, including AstraZeneca, GSK, and Novo Nordisk, sent a letter to European leaders calling for government support.
The letter says Europe’s share of global pharmaceutical research dropped from 43% in 1990 to 31% today.
Europe’s share of clinical trials has fallen from 18% to 9% in the last decade.
China’s share of clinical trials rose from under 10% to almost 30% in the same period.
Nearly half (49%) of new medicines approved last year were not available to European patients, with delays varying from 56 days in Germany to over 1,200 days in Romania.
The drug companies argue that investing more in clinical trials could add €53 billion and create 82,000 jobs in Europe.
They ask leaders to treat medicine development like vital infrastructure, similar to defense or energy sectors.
The letter was signed by leaders from companies across Europe, including AstraZeneca, GSK, Roche, Novartis, and Sanofi.
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Nick Clegg could make about £30 million from the planned stock market listing of Nscale, a UK-based datacentre company. Nscale is preparing to list on a US stock exchange, with an estimated company value as high as $35 billion.
Key Facts
Nick Clegg owns over 917,000 shares in Nscale, about 0.12% of the company.
Nscale aims for a $35 billion valuation in its upcoming stock market float.
If the float hits this target, Clegg’s shares could be worth around $42 million (£30 million).
Nscale was last valued at $14.6 billion, meaning current share values are lower.
Sheryl Sandberg, a board member, owns 0.25% of Nscale, worth about $88 million at a $35 billion valuation.
Nscale reported a loss of $1 billion on revenues of $140 million in the first half of the year.
The company is investing heavily in AI-related infrastructure, which is expensive to build.
Nscale operates five datacentres in Europe and has 12 more being built, including sites in the US.
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Germany’s car industry is facing big challenges like fewer sales, more competition from China, and higher import taxes in the US. Major carmakers like Volkswagen and Mercedes-Benz may have to close factories and cut jobs, causing protests among workers.
Key Facts
European car sales dropped from nearly 18 million in 2019 to about 13 million expected in 2025.
Chinese car companies are gaining more share in the European market.
US import tariffs on German cars are currently 25% and could change.
Volkswagen Group plans to possibly close four factories in Germany.
Volkswagen wrote down $11.5 billion, mostly due to losses related to its Porsche stake.
Porsche’s electric cars sell less than expected, reducing profits.
Mercedes-Benz warned it might close one assembly plant and one engine plant in Germany.
Workers protested at several German car companies and suppliers to protect jobs.
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CBS Mornings Deals offers special discounts on products that can make daily life easier. Shoppers can visit the website cbsdeals.com to find and buy these discounted items.
Key Facts
CBS Mornings Deals features products with exclusive discounts.
The deals aim to improve everyday lifestyle.
Buyers can access these deals at cbsdeals.com.
CBS earns a commission from purchases made through this website.
The promotion is part of CBS News programming.
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Ed Davey, leader of the Liberal Democrats, announced a plan to cut income tax by £17 billion if his party is elected. The tax cuts would happen gradually, linked to economic growth from rejoining the EU’s single market, and would mainly raise the income levels at which people begin paying basic and higher rates of tax.
Key Facts
The plan would raise the income tax threshold to £15,000 and increase the threshold for the 40% tax rate by about £6,000.
These tax cuts would only take effect near the end of a parliamentary term, potentially by 2034.
The cuts would be funded by economic growth expected from the UK rejoining the EU’s single market and customs union.
Currently, about 9 million people pay the 40% tax rate, up from 2 million thirty years ago, largely due to frozen tax thresholds.
The proposal includes a smaller increase for the 45% tax rate, which applies to incomes over £125,000.
Liberal Democrats argue their plan trusts people to keep more of their money, contrasting it with current "post-Brexit stealth taxes” from frozen thresholds.
Ed Davey also proposed a global treaty to limit the development of super-intelligent AI in his speech.
The plan’s success depends on the EU agreeing quickly to a deal for UK access to the single market, which may be complicated by rising populist governments in Europe.
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A study found that electric cars with high mileage are generally more reliable than petrol cars with similar mileage. The research shows electric vehicles fail less often on safety tests after driving many miles, though they have more tyre problems.
Key Facts
The study analyzed 47.4 million MOT safety tests on vehicles.
EVs between 90,000 and 120,000 miles failed MOT tests 25% less often than petrol cars.
Beyond 120,000 miles, 16% of EVs failed tests compared to 23.5% of petrol cars.
EVs had nearly twice the number of tyre defects compared to petrol cars.
Older low-mileage EVs showed more brake problems due to corrosion.
MOT tests check brakes, tyres, suspension, steering, and lights but not battery health.
Experts advise buyers to check an EV’s full history and battery condition before purchasing used.
The study suggests that high mileage on EVs does not necessarily mean poor condition.
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Paramount and Skydance have agreed to settle antitrust concerns raised by 12 states. This settlement allows their $110 billion deal to acquire Warner Bros. Discovery to move forward.
Key Facts
Paramount and Skydance were involved in a $110 billion acquisition deal to buy Warner Bros. Discovery.
Twelve U.S. states raised antitrust concerns about the deal. Antitrust laws are meant to prevent companies from becoming too powerful and limiting competition.
Paramount and Skydance reached a settlement with these states to address their concerns.
This agreement clears the way for the acquisition to be completed.
The news was reported by CBS News with Jo Ling Kent as the correspondent.
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A new report highlights the growing problem of governments relying too much on consulting firms. This reliance can lead to high costs and transparency issues. UNESCO’s Inclusive Policy Lab created a plan to address this depending on these firms.
Key Facts
Governments worldwide are increasingly using private consulting companies for advice.
Relying too much on consultants can be expensive and reduce openness about decision-making.
France faced criticism when President Macron’s government worked closely with McKinsey, a US consulting firm.
UNESCO’s Inclusive Policy Lab, led by Iulia Sevciuc, made a new plan to reduce governments’ heavy dependence on consultants.
The issue includes concerns about influence and political ties between consulting firms and governments.
The report aims to promote better government control and transparency when hiring consultants.
Other related concerns include consulting firms’ roles in climate talks and election campaigns.
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Oil prices dropped below $100 a barrel after reports that Iran offered to reopen the Strait of Hormuz if the United States eases military pressure. Meanwhile, UK government borrowing rose to £18.3 billion in August, raising concerns about government spending ahead of next month’s budget.
Key Facts
Iran reportedly offered to reopen the Strait of Hormuz within seven days if the U.S. starts easing military pressure.
A senior Iranian official said there is a chance for an agreement, but the U.S. must show seriousness.
Oil prices fell below $100 a barrel following the news from Iran.
UK government borrowing reached £18.3 billion in August, higher than expected.
Market experts say investors want the UK government to control spending and handle taxes carefully.
Higher oil prices have complicated central bank efforts to manage inflation.
UK bond markets are in a “fairly healthy” condition despite recent rises in yields.
The upcoming UK budget, set for 28 October, faces pressure to balance spending control.
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The European Union (EU) spends about three times more money on goods from China than China spends on goods from the EU, creating a large trade deficit. The gap reached over €1 billion per day in July 2026, and both sides are discussing ways to reduce this imbalance ahead of important meetings between President Donald Trump and Chinese President Xi Jinping.
Key Facts
In July 2026, the EU's trade deficit with China was €36.5 billion, up from €32.2 billion in July 2025.
From January to July 2026, the total EU trade deficit with China reached €234 billion.
For every €1 of goods the EU exported to China in July, it imported €3.10 from China.
The EU Commission is considering import limits on Chinese hybrid vehicles and certain chemicals to help reduce the deficit.
Imports of Chinese hybrid cars that don’t need to be plugged in increased from about 4,000 in October 2024 to 50,000 in July 2026.
China temporarily stopped export restrictions on rare earth materials, which are important for car manufacturing, but the suspension is due to be reviewed soon.
Upcoming talks are planned between EU and Chinese trade officials in October, focusing on reducing the trade imbalance peacefully.
President Donald Trump and President Xi Jinping are set to discuss trade issues, including rare earth exports, during their Washington summit.
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Ed Sheeran's apology during a recent concert did not stop problems with his ticket sales. The prices for resold tickets to his upcoming shows have dropped by about 14-15 percent. There is also a planned protest outside one of his concert venues related to political issues.
Key Facts
Ed Sheeran made a tearful apology during his Philadelphia concert.
Ticket resale prices for his upcoming Gillette Stadium shows have fallen by 14-15 percent in three days.
The drop in ticket prices reflects ongoing backlash after Macklemore was removed from Sheeran’s Loop Tour.
A pro-Palestinian demonstration is planned outside the Gillette Stadium venue.
The protest calls to “Stop billionaire censorship,” and also addresses conflicts in Palestine and Iran.
TicketData is the source showing the decline in ticket prices.
The concert troubles and protest plans are current and still developing.
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Costco sells rotisserie chickens for $4.99, a price that stays low despite rising costs. This pricing strategy is an example of a "loss leader," where a product is sold cheaply to attract customers who may buy other items. The discussion also includes a person who reached his savings goal and considers changing his lifestyle.
Key Facts
Costco's rotisserie chicken price is $4.99.
The price remains low even though overall costs and inflation are rising.
Selling an item below cost to bring in customers is called a loss leader.
Loss leaders help stores attract shoppers who may purchase other products.
The episode features Jill Schlesinger and Mark discussing this pricing strategy.
A caller named George has saved enough money by age 37.
George is thinking about changing his lifestyle after meeting his savings goal.
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Ineos, a large chemical company owned by billionaire Sir Jim Ratcliffe, is temporarily closing three production sites in Hull because UK gas prices are very high. The company said the high cost of gas makes it hard to compete with companies in the US and China and puts around 4,000 jobs at risk.
Key Facts
Ineos is pausing production at three chemical plants in Hull due to high UK gas prices.
Around 1,000 jobs at the sites and 3,000 jobs in related supply chains may be affected.
UK gas prices are 12 times higher than in the US and 8 times higher than in China’s coal-based production.
The plants produce important materials used in medicines, clothing, cosmetics, detergents, construction, and military explosives.
Ineos is trying to buy cheaper liquefied natural gas (LNG) from the US, but this could take up to a year.
The company is asking UK and EU governments to introduce tariffs to protect against cheaper Chinese imports.
Two plants have already closed, and the third will stop production soon; workers will be kept on during the pause.
Sir Jim Ratcliffe has criticized UK government energy policies, calling them damaging to industry.
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Diesel fuel prices in the Des Moines, Iowa, area have risen to $6.33 per gallon. This increase is causing concern for businesses that depend on local short-haul transportation because fuel costs form a big part of their expenses.
Key Facts
The price of diesel fuel in Des Moines, Iowa, is $6.33 per gallon.
Businesses using local trucks that fill 80-gallon tanks face high fuel costs.
Short-haul transportation includes local deliveries, service, and maintenance trips.
Rising diesel prices increase operating costs for these businesses.
The situation creates financial pressure for companies relying on frequent truck use.
Fuel price changes directly affect the cost of goods and services delivered locally.
The article focuses on how local diesel prices impact business expenses in Iowa.
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Twelve U.S. states and Hollywood writers settled their lawsuits against Paramount’s purchase of Warner Bros. Discovery. This settlement clears the way for the $81 billion merger to be completed, with Paramount agreeing to some new promises.
Key Facts
Twelve states and Hollywood writers had filed lawsuits opposing Paramount’s takeover of Warner Bros. Discovery.
The lawsuits have now been settled as of September 22, 2026.
The settlement allows the $81 billion merger to move forward.
Paramount made new commitments as part of the agreement.
The merger involves two major entertainment companies joining together.
This deal will create a very large combined media and entertainment company.
The settlement removes legal obstacles previously blocking the merger.
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The British Fashion Council has launched an initiative called Fashion Britain to support fashion talent outside London. They held pop-up events across England, Wales, and Scotland during London Fashion Week and plan to include Northern Ireland next year to spread opportunities beyond the capital.
Key Facts
Fashion Britain is an effort by the British Fashion Council to widen access to the fashion industry beyond London.
Pop-up events were held in several cities such as Bristol, Manchester, Liverpool, Newcastle, Edinburgh, Dundee, and Cardiff during London Fashion Week.
Northern Ireland was not included this year but will join the initiative in the future.
A House of Commons report found that London produced 51% of the creative industries’ economic output in 2022.
Designers like Charles Jeffrey and graduates from other cities highlight the importance of local education and resources for fashion talent.
The initiative aims to connect regional fashion talent to business opportunities, retail access, and mentorship.
Organizers want British fashion to be recognized as a nationwide industry, not just centered in London.
Technology and collaboration across creative sectors are seen as ways to create new jobs and opportunities in fashion.
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Michele Bullock, the Reserve Bank of Australia governor, said there is no clear proof that AI is currently making the Australian economy more productive, and she warned it might be a bubble. She also noted that house prices in Australia have dropped deeply, and immigration has been a major factor in recent economic growth.
Key Facts
Michele Bullock said AI might be a bubble, but she does not have a definite view on it yet.
Despite fast AI adoption, there is little sign it is improving productivity, and it may increase inflation due to investment in data centers.
Research shows AI use might reduce work hours without increasing output at first, with productivity expected to improve only after businesses change their processes.
The Australian government expects AI to boost economic growth significantly by 2066, but economists doubt productivity will grow as fast as predicted.
Housing prices have fallen 3.1% in three months after interest rate increases and tax reforms affecting investors.
New immigration mainly supports economic growth without adding to inflation except in the housing market, where supply cannot keep up with demand right away.
The government is planning to reduce immigration intake to help the housing market but warns large cuts could harm the economy.
Home loan approvals have dropped, especially for investors, changing investment incentives in housing.
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Businesses in the West of England are facing difficulties making a profit because fuel prices have risen sharply, with some petrol costing nearly £2 per litre. The conflict in the Middle East has disrupted oil supplies, causing higher wholesale costs that businesses struggle to pass on to customers.
Key Facts
Petrol prices have risen to nearly £2 per litre in some parts of the West of England.
Disruptions in important shipping routes, like the Strait of Hormuz, have tightened global oil supplies.
Businesses must choose between raising prices or losing profit margin due to higher fuel costs.
Rural areas have higher petrol prices because of more expensive transport and less competition.
Some businesses, like Stroud Taxi, feel pressure to keep prices low despite higher fuel costs.
Petrol stations are relying more on sales from their shops to cover losses from fuel sales.
The Freewheelers Blood Bike charity has seen fuel costs rise from £17,000 to nearly £22,000 a year.
The charity may need to reduce non-urgent callouts if fuel prices keep rising.
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Andrew Bragg, a Liberal party member and shadow housing minister, proposed allowing first home buyers to use their retirement savings as collateral for home loans. Angus Taylor, another Liberal frontbencher, immediately said this is not their party’s policy. Experts say the idea could increase housing demand and prices, and may not help the most struggling buyers.
Key Facts
Andrew Bragg suggested letting first home buyers use their superannuation (retirement savings) as security for loans.
Angus Taylor stated this idea is not an official policy of the Liberal party.
The compulsory superannuation system in Australia is worth $4.8 trillion and is important for retirement security.
Some experts think using super for housing is better than existing schemes because it uses personal money instead of taxpayer funds.
Increased borrowing power might raise housing prices since demand would grow but supply hasn’t increased.
Young Australians with low incomes, who need housing help the most, usually have little superannuation.
The core problem for home ownership is a shortage of affordable homes in desired locations.
The Liberal party has not finalized any policy regarding using super for home buying yet.
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