Air Arabia wins bid to operate new low-cost Saudi airline
The new airline would operate domestic and international flights from King Fahd international airport in Dammam, the authority said.
Reuters
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British, Indian PMs sign landmark free trade pact
In a historic moment for the India-UK trade and economic ties, Prime Minister Narendra Modi and his British counterpart Keir Starmer on Thursday signed the much-awaited Free Trade Agreement (FTA), which will boost annual bilateral trade by about $34 billion. As part of the landmark FTA, India will cut tariffs on 90 per cent of the UK products, while the UK will reduce duties on 99 per cent of Indian exports, significantly cutting tariff lines and regulatory processes across sectors. "Our landmark trade deal with India is a major win for Britain. It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth in every corner of the country," said Starmer in a post on X. The pact is set to make imported goods like Scotch whisky, gin, luxury cars, cosmetics, and medical devices more affordable for Indian consumers. Keir Starmer and Narendra Modi during a press conference after signing a free trade agreement at Chequers near Aylesbury, England, on Thursday. Reuters With the FTA being materialised, Indian farm products will get tariff parity with major European exporters like Germany. Zero duties on textiles and leather are expected to boost India's competitiveness among regional peers such as Bangladesh and Cambodia. India's leather sector is projected to gain an additional market share of 5 per cent in the UK within the next two years. Similarly, projections show that electronics and engineering exports are likely to double by 2030, while gems and jewellery exports are likely to double (from the current $941 million) in the next three years. Officials estimate the deal will increase UK exports to India by almost 60 per cent over the long term. Earlier, PM Modi called on Starmer at the Chequers Estate – the countryside retreat of the Prime Minister of the United Kingdom – as he began official engagements on his fourth visit to the country. Prime Minister Modi is set to hold wide-ranging discussions with Starmer on the entire gamut of India-UK bilateral relations and also exchange views on issues of regional and global importance. Later in the day, he will also call on King Charles III. During the discussions, the two sides will also review the progress of the Comprehensive Strategic Partnership (CSP) with a specific focus on trade and economy, technology and innovation, defence and security, climate, health, education and people-to-people ties. Indo-Asian News Service
Al Etihad
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First foreign firm takes ownership of Saudi football club
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5 years after COVID, pharma shares languish
Global healthcare stocks have not been this cheap in decades and fund inflows into the sector are picking up, yet the shares remain in the doldrums, highlighting uncertainty over drug pricing policies since Donald Trump returned to the White House. Pharma companies' earnings outlook is being obscured by concerns over revived "most-favored-nation" drug pricing rules in the lucrative US market and potential 200% tariffs on pharma imports into the US. Money flooded into drugmakers' shares during the COVID-19 pandemic but more recently there has been an exodus as investors shifted into Big Tech, leaving the sector cheap but unloved, reported Reuters. At 15.9 times forward earnings, healthcare trades 11% below its long-term average and 20% below global equities, its steepest discount in 16 years, just above a record discount in 2009, based on LSEG Datastream data. "We've moved from cautious optimism to cautious pessimism," said Stephanie Aliaga, global market strategist at J.P. Morgan Asset Management in New York. "Valuations have gotten even cheaper, but for a reason," she added, referring to intensifying US policy risks. But some investors are starting to look past the Washington policy fog and at long-term positive drivers, such as aging populations, RNA-based therapeutics, and breakthroughs in weight-loss and diabetes drugs, Reuters reported. Alberto Conca, CIO at Swiss wealth manager LFG+ZEST, has been adding exposure to pharma, biotech and medtech in recent weeks, drawn by strong cash-flow yields and the prospect of US rate cuts boosting this rate-sensitive sector. Interest rate cuts typically support healthcare by lowering R&D funding costs and boosting the value of future cash flows. "These are quality companies with good growth and defensive features being priced as if we're heading into an 'Armageddon scenario', which I believe is unlikely," he said. UK-based M&G Investments has also been selectively adding to healthcare, according to its latest allocation report. Healthcare funds have seen net inflows since 2024, more than reversing the outflows from late 2022 through 2023, fund tracker EPFR data shows. Although year-to-date, inflows total $7.2 billion, down 41% from last year. Innovation is accelerating, pipelines are maturing and M&A is showing signs of picking up — yet stock prices are unmoved. Whether that represents a buying opportunity or a value trap hinges on how and when the policy uncertainty clears, investors said. Historically, healthcare has traded at a modest premium to world stocks, thanks to its defensive profile and steady earnings. But that narrative has unravelled under political pressure from Washington and investors' love of Big Tech. Over the past three years, US healthcare has underperformed the S&P 500 by more than 60 percentage points, making it the worst sectoral performer on Wall Street. Its valuation has deepened to a near-record 27% discount, from parity to the S&P in 2023. "Markets don't like uncertainty, and that shows up in valuations," said Eddie Yoon, healthcare sector leader and portfolio manager at Fidelity Investments in Boston. "Being cheap isn't necessarily a reason to buy. You need a catalyst." For now, that catalyst is elusive. The policy uncertainty makes it difficult to forecast future earnings, he said, though he hopes for more clarity by year-end - potentially also paving the way for more M&A in the industry. Talks with the Trump administration have yet to clarify how and when drug prices will fall, executives from Eli Lilly and Merck said at a May industry conference.
