She Gave Away Her Inheritance. Now What?
A descendant of German industrialist Friedrich Engelhorn, founder of chemicals company BASF, the Austrian heiress was by that point familiar with the trappings of wealth: She'd attended an elite private French lycée, lived in a mansion in Vienna, and knew her family's lawyer so well that she thought he was her uncle. But it wasn't until 2020 that the Austrian heiress learned the extent of her inheritance from her elderly grandmother — a figure her family asked her not to disclose, but enough to make her a multimillionaire.
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New York Post
10 hours ago
- New York Post
Trump's tariff plan seems to be working — proving all the naysayers wrong
For all the 'sky-is-falling' cries over President Donald Trump's tariffs, it looks like his strategy may be working — just as his Aug. 1 deadline nears. In the past week, the Trump folks struck deals with Japan, Indonesia and the Philippines — and may be on the verge of a deal with Europe: On Friday, the prez cited a 50-50 chance of reaching an agreement with the European Union. These developments — on top of previous deals with Vietnam, the United Kingdom and a framework on rare-earth exports and tech restrictions with China — go a long way toward standing up Trump's vision for the international economy, with better terms for America. And at least so far, no catastrophic fallout. Heck, the nation looks poised to benefit enormously on several fronts. Trump's deals in Asia, for starters, reopen US access to cheap markets, sidestepping China, our greatest economic and military rival. Indonesia and the Philippines will pay 19% tariffs on their exports to the United States and levy 0% tariffs on more than 99% of US goods. Japan will see 15% tariffs and invest more than half a trillion dollars into the US economy. Washington will also slap fewer restrictions on Indonesian, Filipino and Japanese goods, everything from cars and clothes to electronics and rubber. And now EU officials are signaling their support for a deal that would mirror the one Trump made with Japan — reciprocal tariffs of 15%. Notably, the EU includes 27 countries in a shared common market, representing the largest singular trading bloc for the United States. The EU deal would clearly benefit US consumers looking to buy, say, French wines or German cars, and also US producers seeking wider access to the European markets. Keep up with today's most important news Stay up on the very latest with Evening Update. Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters Meanwhile, the resolution of trade issues with so many countries will calm markets and bring confidence and stability to the business community. As for the predicted inflation, it's nowhere to be seen: June's consumer price index came in at a reasonable 2.7%. Recall it hit 9% under Joe Biden. That's partially because corporations, unsure of whether high tariffs will remain permanent and nervous about hiking prices, have absorbed most of the tariffs' costs, at least for now. More good news: The tariffs brought in $64 billion in revenue for the government in just the first three months since Trump's April 2 'Liberation Day' announcement. He's suggested issuing 'rebates' based on that haul, but far better to use the new revenue to pay down the runaway national debt. Yes, there's plenty more to do: Team Trump needs to finalize agreements with Canada, India and Mexico, along with the EU, and numerous smaller countries, before the president's across-the-board reciprocal tariffs hit Aug. 1. So considerable uncertainty remains. But clearly the signs are good, at least so far — despite all the doomy predictions.
Yahoo
11 hours ago
- Yahoo
Pharma braces for critical French drug pricing reforms pending CEPS's report
Growing budgetary pressure is a central theme in France as the country prepares for the publication of the government's 2026 Social Security Finance Bill (PLFSS). French Prime Minister François Bayrou has requested the Economic Committee for Health Products (CEPS) to create a report, which will be published by the end of July 2025 and released in Q3 2025, outlining its drug pricing policy recommendations. These policy recommendations are likely to be defined by what Bayrou describes as 'changing geopolitical context' and 'investment dynamics' for the EU pharma sector. The environment has therefore triggered an opportunity to re-evaluate current price setting and regulation policies, with the potential for greater flexibility and higher prices due to changing business conditions. This principle is already starting to be put in place. From March 2025, the CEPS has been required to consider the manufacturing location of production sites when setting prices, known as the 'industrial criterion'. While this policy existed previously, it is now mandated, giving preferential pricing for domestically manufactured medicines. A price premium for local manufacturing will likely improve the generic sector, making it more financially viable. Historically, financial viability has been a definitive struggle for generic and biosimilar manufacturers in France. Based on a sample of off-patent, generic, and biosimilar prices, these medicines are typically priced between 38% to 68% lower in France, on average, when compared to the other top European markets. Using the available current prices from GlobalData's Price Intelligence (POLI) & HTA service, the figure below compares the average price per milligram per unit of pack (one tablet, for example) difference between off-patent, generic, and biosimilar medicines that are available in France and the other four major European markets. The sample from each drug type was generated by including products that have their strength measured in milligrams and are available in all five markets. Figure 1: Average price per strength unit (euros/unit/mg) comparison of prices in France to the other EU5 market Furthermore, the Generic Same Drug Association (GEMME) in France has pushed for biosimilars to be excluded from the 'safeguard clause' pricing policy. This measure limits public health spending on medicines by requiring pharmaceutical companies to contribute to health spending once the reimbursed expense exceeds a set threshold. There may be further positive news for generics and biosimilars as the government also considers lowering the discount ceiling for generics from 40% down to 20%–25% while setting a low ceiling for biosimilars. While the upcoming report from CEPS will likely have benefits for the generic/biosimilar sector, it is unclear what potential benefits will be brought to the innovative pharmaceutical sector. There are appeals to change the 'safeguard clause' and lower the cap, and there are possible modifications, but it is unlikely to be entirely overhauled. It is more likely that other cost-saving measures will be considered. For example, medicines with low clinical value ratings (Service Médical Rendu, SMR) could be delisted. Products that are reimbursed at the lowest tier (15%) would therefore no longer be reimbursed. Such measures would likely target non-essential and lifestyle medicines that receive this low SMR rating in their cost-effectiveness assessments. GlobalData's Price Intelligence (POLI) & HTA service shows that 77 molecules are currently 15% reimbursed and could therefore face a delisting challenge. These products see an average first price cut similar to that of products with a higher clinical rating. The average first price cut across different reimbursement tiers ranges between 6% and 7% for the different clinical ratings. Therefore, products with a low clinical rating see a similar impact on price after launch compared to those with a higher rating, despite being more likely to have competition with alternative treatments on the market. Figure 2: Average first price cut (%) of products based on reimbursement level granted Additionally, France's National Health Insurance Agency (Caisse Nationale d'Assurance Maladie, CNAM) has set out proposals to save on pharmaceutical spending. In its annual report, CNAM suggested that medicines with an improvement in actual benefit (Amélioration du Service Médical Rendu, ASMR) that are rated 'absent/no improvement' (ASMR V) or 'minor' (ASMR IV) should be subject to a discount compared to the net price of the cheapest available comparator. The figure below shows the proportion of brands in France by ASMR ratings granted. More than 70% of brands, accounting for the majority of the medicines reimbursed in France, have been granted these ratings of ASMR IV or V and would therefore be impacted. Figure 3: Distribution of medicines in France by ASMR rating Throughout 2025, CEPS has been coordinating many policy initiatives that will determine and influence the government's approach to pharmaceutical spending in 2026. As such, the French Government has requested that the CEPS publish a report later in July 2025 to outline its policy recommendations. While this appears to be a quick turnaround for CEPS, the ongoing initial proposals have given a sneak peek into what this report may feature. The generic and biosimilar sectors are likely to benefit from upcoming reforms. Potential amendments could include changes to the limit discount ceiling and possible exclusion from the 'safeguard policy'. It is unclear what this report may consider for the innovative sector; however, certain medicines could be delisted based on reimbursement levels, and further discounts could be granted on net prices for products with ASMR IV and V ratings. This report will encompass the progress made for recent and upcoming policy actions, while also giving insight into significant spending constraints for innovative medicines expected for 2026. This article is produced as part of GlobalData's Price Intelligence (POLI) service, the world's leading resource for global pharmaceutical pricing, HTA and market access intelligence integrated with the broader epidemiology, disease, clinical trials and manufacturing expertise of GlobalData's Pharmaceutical Intelligence Center. Our unparalleled team of in-house experts monitors P&R policy developments, outcomes and data analytics around the world every day to give our clients the edge by providing critical early warning signals and insights. For a demo or further information, please contact us here. "Pharma braces for critical French drug pricing reforms pending CEPS's report" was originally created and published by Pharmaceutical Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
11 hours ago
- Yahoo
Volkswagen suffers $1.5 billion loss from Trump's tariffs
President Donald Trump's tariffs cost German auto giant Volkswagen about $1.5 billion over the first half of 2025, the company said on Friday. Sales in North America plunged 16% due primarily to U.S. tariffs, said Volkswagen, which owns a host of brands including Audi, Lamborghini and Porsche. The company warned of further 'challenges' that will arise from 'an environment of political uncertainty, expanding trade restrictions and geopolitical tensions,' among other factors. Volkswagen marks the latest in a string of major carmakers to announce billions in tariff-related losses. MORE: Trump admin live updates: White House maneuver keeps Habba as top NJ prosecutor General Motors on Tuesday said tariffs on cars and auto parts drove $1.1 billion in losses over three months ending in June. A day earlier, Jeep maker Stellantis said it expects to have suffered $2.7 billion in losses over the first half of 2025 due in part to U.S. tariffs. Electric-vehicle maker Tesla this week reported a roughly $3 billion drop in revenue over three months ending in June when compared to the same period a year earlier. In a statement on Wednesday, Tesla touted a "strong balance sheet" but acknowledged a "sustained uncertain macroeconomic environment resulting from shifting tariffs." Tariffs of 25% on vehicles imported into the United States went into effect on April 2. The auto tariffs, which apply to cars and auto parts, threaten to raise costs for carmakers that often oversee an intricate supply chain snaked between the U.S., Mexico, Canada and beyond. In a memo in March, the White House touted auto tariffs as a means of bolstering domestic car manufacturers and protecting an industry viewed as important to U.S. national security. The policy, the White House said, will "protect and strengthen the U.S. automotive sector." Volkswagen currently faces total US tariffs of 27.5%, the company said, combining the recent 25% auto tariff on top of preexisting 2.5% tariffs. The company said it expects a worst-case scenario of current tariff levels over the second half of 2025, while in a best-case scenario tariffs could be reduced to 10%. 'There is high uncertainty about further developments with regard to the tariffs, their impact and any reciprocal effects,' Volkswagen said. A trade agreement struck between the U.S. and Japan this week dropped auto tariffs from the universal level of 25% to 15%, putting foreign carmakers in other countries at a disadvantage. The U.S. and European Union are near a deal that would also bring tariffs on European goods down to 15%, the Financial Times reported this week. Trump has threatened to raise tariffs on the EU to 30% on Aug. 1, unless the two sides reach a trade agreement. MORE: What to know about Trump's Aug. 1 tariff deadline Despite rising tariff-related costs for automakers, price hikes for new cars have remained low. Car prices rose 0.6% in June compared to a year earlier, registering well below the overall inflation rate of 2.7%. In general, tariff-induced inflation has fallen short of economists' fears in part because companies stockpiled products before the tariffs took effect, allowing them to temporarily avert the higher cost of importing goods, analysts previously told ABC News. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
