Surprise! Josh Safdie‘s Marty Supreme had its world premiere at the 2025 New York Film Festival on Monday night and after the unexpected screening the early reaction started hitting social media. And judging by the surprise…
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Exclusive-Novo Nordisk cuts hit production line jobs at key US plant, posts show
By Maggie Fick and Soren Jeppesen
LONDON/COPENHAGEN (Reuters) -Wegovy-maker Novo Nordisk has laid off dozens of employees at the largest U.S. manufacturing site for its blockbuster obesity and diabetes drugs, a Reuters review of LinkedIn posts showed, a signal of where it is making cuts in a major restructuring under new CEO Mike Doustdar.
The previously unreported cuts included staff in manufacturing roles, from quality control to production line technicians, at Novo’s major Clayton, North Carolina, plant and other facilities in the state, an analysis of 73 posts and profiles show.
The layoffs, while only a small part of a planned 9,000 job cuts globally, underscore how Novo is cutting back even on frontline production in the top market for Wegovy as it looks to sharpen its focus, trim costs, and claw back lost ground in fierce competition with rival Eli Lilly.
The cuts, which follow earlier ones focused on the obesity education team in the U.S., come as the administration of President Donald Trump pressures pharmaceutical companies to expand U.S. drug production and create more domestic jobs.
The Danish drugmaker last year became Europe’s most valuable listed company on unprecedented demand for weight-loss drugs before a sharp share price slide as sales growth slowed. It is now trying to turn around its fortunes and reduce costs and staff that bloated as it rode the Wegovy boom.
A Novo spokesperson declined a Reuters request for further details beyond last month’s global layoffs announcement. “This process takes time and our highest priority is to support our employees,” the spokesperson said.
PLANT MAKES WEGOVY, OZEMPIC
The announced wider cuts helped boost Novo’s shares, though the company has provided little detail about its plans. It said around 5,000 jobs would be cut in its native Denmark.
The North Carolina cuts hit technical manufacturing workers, project coordinators, a strategic communications manager and an HR assistant, the posts revealed. Of the total, 47 directly posted they were looking for work or had been laid off.
Novo’s Clayton facility makes semaglutide, the active ingredient in Wegovy and diabetes drug Ozempic. It also does manufacturing steps including filling, finishing and packaging the injections. It also will play a key role in producing the new pill version of Wegovy once that becomes available.
CEO Doustdar this month heralded an ongoing $4.1 billion expansion at the North Carolina plant that employed some 2,500 people in 2024 and was expected to add 1,000 more.
Reuters could not determine the exact number or the reason for the layoffs in Clayton, which came three weeks after Doustdar announced the broader restructuring.
Reuters contacted about 30 of the Novo employees who posted on LinkedIn that they had been laid off. One replied, saying a non-disclosure agreement prevented them from speaking to the media.
(Reporting by Maggie Fick in London and Soren Jeppesen in Copenhagen; Editing by Adam Jourdan and Bill Berkrot)
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Milk temperature reducing necrotizing enterocolitis in very preterm infants: study protocol for a randomized controlled trial | BMC Pediatrics
Obladen M. Necrotizing enterocolitis-150 years of fruitless search for the cause. Neonatology. 2009;96(4):203–10.
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Shao X, ye, Hongmao. Qiu Xiaoshan. Practical neonatology [M]. 5th…
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Cumberland Infirmary told by Cumbria coroner to improve skin biopsy service
Federica BedendoNorth East and Cumbria
BBCThe Cumberland Infirmary does not currently perform puncture biopsies in-house A coroner has raised concerns over the lack of a skin biopsy service at a hospital, after an 88-year-old woman faced a two-week wait because she needed to be taken to a separate clinic.
Robert Cohen, coroner for Cumbria, said “urgent action” was needed to provide the procedure in-house to patients at the Cumberland Infirmary in Carlisle.
The warning comes following the inquest of Beatrice Smith. While the wait did not contribute to her death, Mr Cohen said it resulted in “less dignity and more delay” in her care.
North Cumbria Integrated Care (NCIC), which runs the hospital, said it was “closer to a solution” and apologised to Mrs Smith’s family.
Mr Cohen questioned why a frail patient with dementia would be put through the stress and “astonishing expense” of being moved from hospital for a routine procedure, which was needed to diagnose the cause of a skin ulcer.
Lisa Cairns, collaborative lead nurse at NCIC, said a dermatology service had been “difficult to recruit for” and demand was growing due to a rise in skin cancer cases.
“This is not the care we would expect to give to our patients,” she told the hearing.
‘Inconsistent’ diagnosis system
Ms Cairns explained “teledermatology” was being used to diagnose cancers. This involved pictures of patients’ suspected skin cancers being sent to specialist teams, with high-risk cases being brought in for a face-to-face appointment.
However, she said the service was “inconsistent”, with some GPs not able to send good enough images.
“We’re probably bringing in 70% more patients than we should be,” she said.
She said more clinicians would be available if the “teledermatology system was working well”.
The most recent figures released by NHS Digital show about 231,000 skin cancer diagnosis were made across England in 2022.
This was up by 7% compared to five years before. The oldest comparable figures, show about 178,800 skin cancers diagnosis were made in 2013, meaning the number has risen by 29% in nine years.
PA MediaThe number of skin cancer diagnosis has been rising in recent years Ms Cairns said some solutions had been trialled to provide skin biopsies at the hospital, such as dedicated clinicians being present on site at regular intervals, but that had been deemed “inadequate”.
She said the trust was “closer to a solution”, which would involve different specialist teams being on hand to perform the procedure on a rota.
She added concerns over clinicians’ workload were being discussed.
During the inquest, which took place last week, Mr Cohen concluded Mrs Smith had died after developing sepsis from an ulcer on her right foot, which staff at Riverside Care Home in Maryport, where she was a resident, failed to properly manage.
Mr Cohen heard she was discharged to the care home after a five-month hospital stay, where she was being treated for a large ulcer on her other leg. This had almost completely healed by the time she left hospital.
Mr Cohen concluded the care home’s failure to seek specialised treatment for Mrs Smith amounted to neglect and contributed to her death.
During the hearing, care home manager Sarah Nicholson apologised to Mrs Smith’s family and said lessons had been learnt.
A spokesperson for NCIC said although the coroner found the delay in receiving the biopsy did not contribute to Mrs Smith’s death, it was sorry for the delay caused.
“We are actively taking steps to improve access to dermatology services for inpatients who cannot be transported from hospital to ensure we can provide the best care possible to patients requiring this service,” they said.
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NCCN enhances widely used breast cancer guidelines with advanced digital features
Today, the National Comprehensive Cancer Network® (NCCN®)-a nonprofit responsible for globally utilized guidelines for cancer care-is sharing new NCCN Guidelines Navigator™ resources for breast cancer treatment as well as…
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Tate Britain to get ‘garden classroom’
Adrian ZorzutLocal Democracy Reporting Service
Tom Stuart-Smith Studio/WCCPlans for the museum include a “garden classroom” and new outdoor spaces Tate Britain will build new Mediterranean and East Asian-inspired green spaces and a “garden…
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Private credit cash pivots from ‘risky’ West to emerging markets
LONDON/NEW YORK, Oct 7 (Reuters) – An intricate series of pipes off Angola’s Atlantic coast snakes toward a new fuel refinery that signals the country’s push for energy independence — and its use of private creditors, instead of banks, to fund a big-ticket project.
“We’re not the lender of last resort,” said Felipe Berliner, co-founder of emerging markets asset manager Gemcorp, which provided the bulk of funding for the refinery, using private capital. “Sometimes we are the only lender.”
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Private credit for emerging markets — driven by investors’ hunt for yields and saturation in developed Western markets — could grow exponentially, veteran investors told Reuters, providing tens of billions in funding as bilateral lending and foreign aid shrink.
“This is a paradigm shift,” said Pramol Dhawan, head of emerging markets portfolio management at PIMCO. “The need to globally reallocate is not a hedge — it’s a secular thesis.”
PIMCO has committed around $30 billion across 140 emerging market deals in five years, and expects to boost annual lending by 30% this year to $10 billion. Other investors are targeting similar increases.
A dip in deals in the UK coincided with a pickup elsewhere RAPID GROWTH, BUT YIELDS SQUEEZED
Private credit skyrocketed over the past 20 years, with global assets under management rising to over $1.2 trillion from $200 million in the early 2000s, according to the Bank for International Settlements.
The funding filled a gap for companies, mainly in the U.S., as banks limited lending due to regulations and capital requirements.
Today, emerging markets get less than 10% of that cash.
But the U.S. and Europe are saturated; competition has driven down margins, and bets are riskier. Experts from JPMorgan CEO Jamie Dimon to the IMF warn private credit looks shaky; the collapse of U.S. firms Tricolor and First Brands underscored the risks.Emerging markets, investors say, have bankable projects so keen for cash that you can pick and choose.
“Emerging market companies have been forced to be more fundamentally conservative,” said Matt Christ, portfolio manager at London-based global investment manager Ninety One. Developed markets are “priced for perfection”, while emerging markets offer more upside.
He said EM yields are 150 to 300 basis points higher than their developed market peers — and risk is often lower than ratings suggest.
Christ, whose private credit portfolio is around $8 billion globally, sees scope to expand to $15 billion. EM firms, he said, are used to volatility and political instability — unlike most Western firms.
“Developed market companies are going into an era they’ve never experienced before, but emerging market companies have been doing this for a long time,” he said.
Gustavo Ferraro, head of capital solutions at emerging markets-focused fund manager Gramercy, also said EM risk profiles and returns have surpassed those in developed markets.
“The U.S. market isn’t the benchmark anymore,” he said. “Our (investors) want yield and uncorrelated exposure.”
Gramercy has doubled its private credit investment in five years to $4.8 billion, focusing on Latin America, Turkey and parts of Africa.
Ninety One said that in Turkey, where authorities are limiting bank lending to cool inflation, private credit is filling a gap.
Defaults are less volatile in EM private counterparties than some highly speculative corporate credits FROM SOVEREIGNS TO SAUDI COMPANIES
Most EM private credit is asset-backed — giving investors anything from company shares to control over the project itself.
The structure favours infrastructure, but funding has gone to sovereign budgets and Turkish cities’ transport networks.
Angola’s new refinery, mostly funded by Gemcorp with state oil company Sonangol also providing funds, will ultimately run at 60,000 barrels per day and make sub-Saharan Africa’s No. 2 oil producer less reliant on costly fuel imports. The plant’s first phase, which cost $475 million, is due to start operation by the end of the year.Gemcorp has also funded a wind farm in Lake Turkana in Kenya, a water sanitation project in Angola and power transmission between Angola and Namibia.A Gemcorp survey showed 67% of EM private credit went to large or medium corporates, and 22% to sovereign or quasi-sovereign projects.
Gemcorp is launching a $1 billion fund targeting mid-market Saudi companies.
“They are underfunded, they don’t have access to the flexible capital they need to maintain growth from the government’s fiscal push,” Berliner said.
The firm also funds Central American commodity exports to the U.S., West African fuel prepayment deals and gold producers.
Berliner and others say private credit is flexible, fast and offers customised repayment terms — from upfront fees to extended maturities or EBITDA warrants (earnings before interest, taxes, depreciation, and amortization) — making it ideal for upstarts and lower-rated sovereigns.
“We’re not replacing banks anymore. We’re building something that didn’t exist,” Ferraro said. “This is bespoke financing for bespoke problems. That’s what EM has in abundance.”
Privately, some bond investors worry private credit — nimbler and less onerous than bonded debt — could eat into their business. Others fear bigger problems if borrowers hit trouble.
“If something goes wrong, like a big restructure, how does private credit deal with that? We don’t really know,” said Daniel Cash, associate professor of law at the UK’s Aston University, adding that the “much more opaque” lending could also create issues.
Reporting by Libby George in London and Rodrigo Campos in New York. Additional reporting by Nell Mackenzie; Editing by Susan Fenton
Our Standards: The Thomson Reuters Trust Principles.
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Fatboy Slim DJ mental health workshops to continue
Sussex Partnership NHS TrustFatboy Slim has been working with occupational therapist Natalie Rowlands on the workshops Workshops involving DJ Fatboy Slim which have been helping people with severe mental health problems are to continue for at…
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Exclusive: Novo Nordisk cuts hit production line jobs at key US plant, posts show – Reuters
- Exclusive: Novo Nordisk cuts hit production line jobs at key US plant, posts show Reuters
- Ozempic maker Novo Nordisk to lay off up to 150 people in India as part of global cuts Mint
- ‘It’s a shock for everybody’ – Fears for 75 jobs in the midlands as global healthcare giant plans to cut 9,000 staff worldwide The Irish Independent
- Pharmaceutical giant declines to comment on local job loss reports roscommonherald.ie
- Westmeath Pharma Workers Facing Potential Job Losses Midlands 103
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Asian Shares Advance on Japan, Gold Nears $4,000: Markets Wrap
(Bloomberg) — Asian equities climbed to a fresh record as technology shares rallied and the election of a pro-stimulus leader in Japan added momentum to the region’s gains.
The MSCI Asia Pacific Index advanced 0.3% to a new peak with chips and technology stocks leading the gains after Advanced Micro Devices Inc.’s blockbuster deal with OpenAI. Gold rose 0.4% to set another record as political crises around the world lifted demand for the haven asset. European and US equity-index futures were flat.
Japanese shares extended their rally after Sanae Takaichi’s near-certain ascent to become Japan’s next prime minister had sent the yen sliding and drove up yields on long-tenor bonds. Japanese bond futures pared their losses after an auction of 30-year government bonds drew firm demand.
While equities worldwide have surged to successive record highs, worries over the US government shutdown and a political crisis in France have driven investors toward alternative assets such as gold and Bitcoin, sending both to new peaks. At the same time, a flurry of AI-related deals among chipmakers has propelled shares higher and fueled some concerns of a speculative bubble reminiscent of the late-1990s dot-com era.
“Semiconductors are ‘on fire,’” said Louis Navellier at Navellier & Associates. “The AI narrative continues to gain momentum.”
Technology stocks have been powering a global equity rally, with Monday’s AMD deal being the latest big-budget data center agreement this year.
It follows last month’s announcement that Nvidia Corp. was planning to invest as much as $100 billion in OpenAI amid demand for tools like ChatGPT and the computing power needed to make them run.
Tech firms are spending hundreds of billions of dollars on advanced chips and data centers, and the final bill may run into the trillions. The financing is coming from venture capital, debt and, lately, some more unconventional arrangements that have raised eyebrows on Wall Street.
Meantime, with China and Hong Kong markets closed Tuesday, investor attention is firmly on Japan.
Takaichi’s election shook up global markets Monday with stocks surging on prospects for more spending, while currencies and bonds weakened. The yen held its losses, hovering around the highly watched 150-a-dollar level.
“I think there’s definitely some more room to sell off, but at the same time I think this might be an overreaction,” said Tracy Chen, a portfolio manager at Brandywine Global, on Bloomberg TV.
Options traders are the least bullish on the yen in more than three years now that Takaichi appears in line to become the next prime minister.
Volatility in Japan’s longer-dated government bonds is on the rise following Takaichi’s win, and the moves may spill over to markets as far away as the US and UK, according to Goldman Sachs Group Inc.
What Bloomberg strategists say…
“Japan’s 30-year auction went off smoothly with a higher bid-to-cover ratio than the previous sale, which will be a relief for investors across G-10 long-term debt. A solid auction, but investors won’t get too excited about JGBs until they are certain whether Takaichi will be confirmed as prime minister.”
— Mark Cranfield, MLIV strategist.
Meanwhile, Goldman Sachs Group Inc. raised its gold forecast for December 2026 to $4,900 an ounce, up from $4,300, citing ETF inflows and central-bank buying. According to the latest data, the People’s Bank of China added to its gold holdings in September for an 11th consecutive month.
Such frenzied buying amid a broad decline in the dollar has lifted gold’s gains this year to more than 50%, putting the metal on track for its strongest annual advance since 1979. Investors starting to view gold as a safer asset than the dollar is “really concerning,” said Citadel’s billionaire investor Ken Griffin.
This year, traders have been betting more on gold, silver and Bitcoin, in what’s been called the “debasement trade.” The sudden push to a fresh all-time high in Bitcoin over the weekend has options traders adding to bets that the largest cryptocurrency will rally to $140,000.
Corporate News:
LG Electronics Inc.’s Indian unit is set to start taking orders for its $1.3 billion initial public offering, joining Tata Capital Ltd. to launch deals in what could be a record month for new listings in the country. A devastating fire at a major supplier for Ford Motor Co. is set to disrupt business for months, the Wall Street Journal reported. Elliott Investment Management has approached several Japanese companies about buying their shares in Sumitomo Realty & Development Co., according to people familiar with the matter. Some of the main moves in markets:
Stocks
S&P 500 futures were little changed as of 1:57 p.m. Tokyo time Japan’s Topix rose 0.4% Australia’s S&P/ASX 200 fell 0.2% Euro Stoxx 50 futures were unchanged Currencies
The Bloomberg Dollar Spot Index was little changed The euro fell 0.1% to $1.1698 The Japanese yen was little changed at 150.43 per dollar The offshore yuan was little changed at 7.1379 per dollar Cryptocurrencies
Bitcoin fell 0.5% to $124,617.98 Ether rose 0.6% to $4,717.38 Bonds
The yield on 10-year Treasuries was little changed at 4.15% Japan’s 10-year yield was little changed at 1.675% Australia’s 10-year yield advanced six basis points to 4.39% Commodities
West Texas Intermediate crude was little changed Spot gold rose 0.4% to $3,976.35 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from John Cheng and Joanne Wong.
©2025 Bloomberg L.P.
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