India's Apollo Hospitals to spin off digital health, pharmacy unit in 18-21 months
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Reuters
20 minutes ago
- Reuters
Asian stocks waver, dollar frail as Trump's tariffs, US rate path weighs
SINGAPORE, July 2 (Reuters) - Asian stocks slipped on Wednesday and the dollar languished near 3-1/2-year lows as investors weighed the prospect of U.S. interest rate cuts and the scramble for trade deals ahead of President Donald Trump's July 9 deadline for tariffs. Trump said he was not considering extending the July 9 deadline for countries to negotiate trade deals with the United States, and cast doubts again that an agreement could be reached with Japan, although he expects a deal with India. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab eased 0.23% in early trading, inching away from the November 2021 top it touched last week. Japan's Nikkei (.N225), opens new tab fell 0.78%, dragged by tech stocks. Tech-heavy Taiwan stocks (.TWII), opens new tab and South Korea's Kospi Index (.KS11), opens new tab also fell after U.S. tech firms were hit hard following a strong rally in June. Data on Tuesday showed the U.S labour market remained resilient with a rise in job openings for May, sharpening the focus on the payrolls report due on Thursday as investors try to gauge when the Federal Reserve is likely to cut rates next. Fed Chair Jerome Powell, under fire from Trump to cut rates immediately, reiterated that the U.S. central bank plans to "wait and learn more" about the impact of tariffs on inflation before lowering interest rates. Traders are pricing in 64 basis points of cuts this year from the Fed with the odds of a move in July at 21%. That maintained a bearish bias on the dollar. The euro last bought $1.1793, just below the three-and-half-year high it touched on Tuesday. The yen was steady at 143.52 per dollar. "Any disappointing economic data can prompt further dovish repricing of FOMC rate cuts and another round of USD selling," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. "The 'One Big Beautiful Bill' Act (OBBBA) and trade developments also have the potential to further weaken the USD if they undermine investor confidence about the U.S. economy." Investor focus over the last few days has pivoted to the progress of Trump's massive tax-and-spending bill, which is expected to add $3.3 trillion to the national debt. The legislation heads to the House of Representatives for possible final approval after U.S. Senate Republicans passed it by the narrowest of margins. The bill has stoked fiscal worries but the reaction was relatively muted after it passed the Senate. The benchmark U.S. 10-year yields were steady at 4.245% having touched a two-month low in the previous session. Aninda Mitra, head of Asia macro strategy at BNY Investment Institute, said the legislation "hard wires" a steady deterioration of the fiscal position and the debt trajectory of the U.S. government. "The near-term impact is mostly in the price, but the uncertainty factor could keep term premia elevated. We don't think long-term yields will fall back materially in the 6-12 month horizon." The fiscal worries, trade uncertainties and the U.S. rate path trajectory have all led investors to flee U.S. assets and look for alternatives. Investors worry that Trump's chaotic trade policies could hit U.S. economic growth. That has left the dollar unloved, with the greenback down over 10% for the year in its worst first half performance since the 1970s. The dollar index , which measures the U.S. currency against six rivals, was at 96.649, near its lowest since March 2022. In commodities, spot gold eased to $3,332.19 per ounce, after surging 1% in the previous session. The yellow metal is up 27% this year on safe-haven flows.
The Independent
26 minutes ago
- The Independent
Digital ‘one stop shop' for NHS will speed up care for patients, Government says
A new 'one stop shop' will showcase cutting-edge technologies to NHS hospitals while also slashing red tape, the Government has announced. The digital platform – MedTech Compass – aims to bring together technologies that are good for patients with an 'innovator passport' to cut the time firms spend on making repetitive data submissions to NHS trusts. The aim, set out in this week's 10-year plan for the NHS, is to get technology into the hands of NHS staff and patients quicker than before. Health and Social Care Secretary Wes Streeting said: 'For too long, Britain's leading scientific minds have been held back by needless admin that means suppliers are repeatedly asked for the same data in different formats by different trusts – this is bad for the NHS, patients and bad for business. 'These innovator passports will save time and reduce duplication, meaning our life sciences sector – a central part of our 10-Year Health Plan – can work hand-in-hand with the health service and make Britain a powerhouse for medical technology. 'Frustrated patients will no longer have to face a postcode lottery for life-saving products to be introduced in their area and companies will be able to get their technology used across the NHS more easily, creating a health service fit for the future under the Plan for Change.' Writing in The Independent, Mr Streeting said the plan would put nursing at the heart of transforming the NHS, including training them on the latest technology and help 'shift our NHS from analogue to digital'. He said plans would cut red tape to enable nurses to start working on wards quickly after finishing training, faster payment of expenses and training in communities. The passport will be introduced over the next two years and will mean technology that has been robustly assessed by one NHS organisation can easily be rolled out to others. The Department of Health said this would remove 'needless bureaucracy' and create a 'dynamic best buyer's guide', while also helping boost economic growth. In on example, special wound dressings which are already cutting infections after surgery by 38% at Barking, Havering & Redbridge University Hospitals could be adopted across the country, the Department said. Meanwhile, at Barts Health Trust in London, the use of antimicrobial protective coverings for cardiac devices have cut infections and saved more than £103,000 per year. The Department of Health also said rapid flu testing at University Hospitals Dorset has cut the time patients spend in hospital alongside antibiotic use – something that could benefit other hospitals. MedTech Compass aims to make these innovations, and the evidence underpinning them, clearer to buyers within the NHS. Dr Vin Diwakar, clinical transformation director at NHS England, said: 'We're seeing the impact improvements to technology are having on our everyday lives on everything from smartwatches to fitness trackers – and we want to make sure NHS patients can benefit from the latest medical technology and innovations as well. 'The new innovator passports will speed up the rollout of new health technology in the NHS which has been proven to be effective, so that patients can benefit from new treatments much sooner.' Chief executive of NHS Providers, Daniel Elkeles, said: 'We welcome any measures which cut red tape and help trusts get proven and effective technology onto the frontline faster to boost patient care and free staff from time-consuming admin.' Professor Peter Bannister, medtech expert and fellow at the Institution of Engineering and Technology (IET), said: 'This centralisation and simplification of adoption across the NHS will be welcomed by industry – including both large corporates and innovative UK small businesses – as well as by patients and clinicians. 'However, there must be clear evidence standards for manufacturers that recognise the diversity and health inequalities of the UK population, while the variation in digital readiness and workforce skills between different healthcare providers must also be factored in.'
The Guardian
30 minutes ago
- The Guardian
UK's obesity and overweight epidemic costs £126bn a year, study suggests
The cost of the UK's epidemic of overweight and obesity has soared to £126bn a year, far higher than previous estimates, according to a study. The bill includes the costs of NHS care (£12.6bn), the years people spend in poor health because of their weight (£71.4bn) and the damage to the economy (£31bn). The calculations, by Frontier Economics for the Nesta thinktank, have prompted calls from food campaigners for ministers to take more robust action to tackle obesity, for example by extending the sugar tax from fizzy drinks to a wider range of sweet foods and beverages. Henry Dimbleby, the co-founder of the Leon restaurant chain who was commissioned by the previous Conservative government to write a report on the state of the country's food system, said: 'We've created a food system that's poisoning our population and bankrupting the state. 'This report shows that poor diet now costs the UK a shocking £126bn a year. That's not a crisis. That's a collapse.' The fact that 64% of people in Britain are overweight or obese costs the economy £31bn, Frontier found. That is enough for the government to cut income tax by 3p and is more than what is spent annually on policing in the four home nations, it added. Tim Leunig, Nesta's chief economist, said: 'Obesity has doubled since the 90s and causes a host of terrible health problems, like type 2 diabetes and cancer. 'This means obesity makes people less effective at work, forces them to take time off to manage illness or causes them to leave the workforce entirely owing to ill health.' Ministers are grappling with how to address the fact that 2.8 million people across the UK – 700,000 more than when Covid hit – are economically inactive due to illness, according to Office for National Statistics figures. In 2022, Frontier calculated the cost of obesity to be £58bn a year. It revised its estimate in 2023 to £98bn in analysis for the Tony Blair Institute. Its £126bn figure for Nesta is higher because it includes for the first time analysis of the costs of overweight as well as obesity. Kawther Hashem, the head of research at Action on Sugar, said the £126bn annual cost of obesity was staggering and should be a wake-up call. Voluntary action by the food industry to fight obesity has failed, so ministers need to impose compulsory targets on food firms, backed by financial penalties, to greatly reduce the amount of salt and sugar in their products, Hashem added. Nesta estimated the annual economic costs of being overweight and obesity to be: £71.4bn – cost of reduced quality of life and mortality. £12.6bn – financial cost of treatment for NHS. £12.1bn – from unemployment due to overweight and obesity. £10.5bn – cost of informal care. £9.7bn – lower productivity among those still working. £8.3bn – sick days due to weight-related illness. £1.2bn – cost of formal care. £700m – lost output due to weight-related early death. Katharine Jenner, the director of the Obesity Health Alliance, urged ministers to extend the sugar tax on fizzy drinks and limit the amount of sugar in baby and toddler food. Leunig said the advertising of unhealthy food should be restricted, front of pack labelling introduced and more money put into weight-loss drugs. Nesta's report said that the costs of excess weight will keep growing and could hit £150bn by 2035 without firm action to fight obesity. It states: 'Obesity-related costs are projected to keep rising over the next decade. By 2035, this report estimates the annual cost of excess weight will reach £150bn (in 2025 prices), with productivity losses alone accounting for £36.3bn a year. 'Without a meaningful policy shift to slow – let alone reverse – the growth in obesity, its impact on productivity is set to rise by 18% over the next 10 years in real terms.' Wes Streeting, the health secretary, said that more obese people in England would be able to access NHS weight management services – and weight-loss drugs – as a result of the government's 10-year plan for the NHS, which is coming out on Thursday.
