Category: 3. Business

Organised crime gangs have begun manufacturing their own branded weight-loss drugs, designed to look like legitimate medicines, in what authorities warn is a significant threat.

The Medicines and Healthcare products Regulatory Agency (MHRA) said the trend had only just emerged, leading them to conduct the largest single seizure of trafficked weight-loss drugs ever recorded by any global law enforcement agency.

Andy Morling, the head of the MHRA’s criminal enforcement unit, said that in the last few months it had seen a new model of production, “where criminals are putting investment into designing their own packaging and branding … and selling it purporting to be a genuine product”.

He added: “That is an unusual model. [What they seized] looked like genuine medicines, but are entirely unlicensed and illegal to sell in the UK. The most recent model, and the level of investment to do packaging and production facilities to sell on an industrial scale – that is undoubtedly organised crime. That is why we are working to eliminate that model before it takes a grip.”

Morling said a product “that sophisticated … is a significant concern” for his unit.

Last month the MHRA conducted its first raid on an illegal weight-loss drug factory in Northampton. It seized tens of thousands of empty weight-loss pens ready to be filled, raw chemical ingredients and more than 2,000 unlicensed retatrutide and tirzepatide pens due to be sent to customers.

Morling said it had a “significant number” of criminal investigations on its “books” but “do not treat them all as prosecutions”. He said: “We take a proportionate approach to the threat posed … The priority in every case is public safety by removing products from the market.”

The MHRA said the new model of production “gives customers a false sense of security in thinking they are buying a genuine product”. The regulatory authority is analysing the products seized in Northampton but said it would be “wrong to speculate” about what is in them.

Morling said that there was a “blurring of line in what is considered medicine and another cosmetic treatment available these days”. He said that most customers thought what they were buying in the syringes was a cosmetic treatment.

Morling added: “Some of the beauty parlours are selling them in this setting not realising that they are selling medicine that could end up giving them a custodial sentence … In both customer and seller there is a lack of awareness.”

The MHRA said that people were seeing products marketed on social media and also finding out about them through word of mouth and visiting local beauty salons.

Morling said there had been various iterations of how the treatments were produced, beginning with counterfeit versions of Mounjaro and Wegovy brands during spring of 2023.

“They were in fact insulin pens that had the insulin labels removed … The second model we saw in early 2024 were the raw active ingredients either in powder form for mixing and syringe injecting at home or pre-filled generic syringes,” he said.

“The fact we now have a third model [of production] … almost trying to compete with genuine branded product – that is new … That is box-fresh and something we are having to look at – we have not seen that level of investment and sophistication before … That is global organised crime.”

He added: “They looked like genuine medicines but they are entirely unlicensed and illegal to sell in the UK.”

Adding the PCSK9 inhibitor evolocumab to a high-intensity, cholesterol-lowering regimen reduced the risk of a first major cardiovascular event among adults with atherosclerotic cardiovascular disease (ASCVD) or diabetes , according to a preliminary late-breaking science presentation today at the American Heart Association’s Scientific Sessions 2025. The meeting, Nov. 7-10, in New Orleans, is a premier global exchange of the latest scientific advancements, research and evidence-based clinical practice updates in cardiovascular science.

“The results from the VESALIUS-CV trial represent the first demonstration of improved cardiovascular outcomes with a PCSK9 inhibitor, or any non-statin for that matter, in patients without a previous heart attack or stroke who are already being treated with a high-intensity lipid-lowering regimen ,” said lead study author Erin A. Bohula, M.D., D.Phil., an assistant professor of medicine at Harvard Medical School, Brigham & Women’s Hospital and an investigator with the TIMI Study Group.

According to the American Heart Association, atherosclerotic cardiovascular disease, otherwise known as ASCVD, is caused by plaque buildup in arterial walls and refers to conditions that include:

• Coronary Heart Disease (CHD), such as myocardial infarction, angina and coronary artery stenosis.
• Cerebrovascular disease, such as a transient ischemic attack, ischemic stroke and carotid artery stenosis.
• Peripheral artery disease such as claudication.
• Aortic atherosclerotic disease, such as abdominal aortic aneurysm and descending thoracic aneurysm.

Currently, ASCVD-related conditions remain the leading cause of morbidity and mortality globally.

The VESALIUS-CV trial examined if adding evolocumab, a non-statin PCSK9 inhibitor medication to lower low-density lipoprotein cholesterol (LDL-C), to existing cholesterol treatment reduced the risk of a first major cardiovascular event in people with ASCVD or diabetes who had no history of a major CV event, such as heart attack or stroke.

After an average of 4.6 years of follow-up, the study found:

• Patients in the evolocumab group had a significantly reduced risk of the dual primary endpoints: by 25% for coronary heart disease deaths, heart attack or ischemic stroke and by 19% for coronary heart disease death, heart attack, ischemic stroke or ischemia-driven arterial revascularization, compared to patients in the placebo group.
• There was also a 27% reduction in cardiovascular death, heart attack or ischemic stroke and a 36% reduction in heart attack among participants in the evolocumab group, compared to placebo.
• Nominally lower rates of death from cardiovascular causes (2.8% versus 3.6%, respectively) and death from all causes (7.9% versus 9.7%, respectively) were noted in the evolocumab group compared to the placebo group.
• Findings for the dual primary endpoints were consistent across key subgroups, including in participants with high-risk diabetes without qualifying ASCVD, which represented one-third of the total study population.
• In a sub-study that evaluated participants’ lipids measures over time, the median LDL-C at enrollment was 115 mg/dL. At 48 weeks, LDL-C was lowered by nearly 55% in the evolocumab group, resulting in a median LDL-C level of 45 mg/dL.
• In contrast, LDL-C levels remained elevated among those in the placebo group, at a median of 109 mg/dL.

“Interestingly, the magnitude of cardiovascular benefit per unit of LDL-C reduction is similar to what has been observed in statin trials, as described by the Cholesterol Treatment Trialists’ Collaboration,” said Bohula.

We suspect this is related to the longer follow up in our study, as compared to prior, shorter PCSK9 inhibitor trials, that may have underestimated the long-term clinical benefit. It has been well-described that there is a delay in the onset for cardiovascular benefits from lowering LDL-C levels, and it takes time for these benefits to be measurable.”

Erin A. Bohula, Assistant Professor, Medicine, Brigham & Women’s Hospital 

Study details, background and design:

• The study included 12,257 adults who were an average age of 66 years old.
• Of the participants, 43% were women, and the majority (93%) of participants self-identified as white, and about 17% self-reported their race as Hispanic or Latino.
• The study was conducted at 745 health care sites in 33 countries including the U.S. between June 2019 and November 2021.
• Participants were eligible for the study if they had an LDL-C of at least 90 mg/dL (or met non-high-density lipoprotein cholesterol or apolipoprotein B criteria), met study inclusion criteria for atherosclerosis (coronary artery, peripheral artery or cerebrovascular disease) or high-risk diabetes, and had at least one other cardiovascular risk factor. Patients with a prior heart attack or stroke were excluded.
• At the start of the study, about two-thirds of the participants met the study inclusion criteria for atherosclerosis (without a prior heart attack or stroke), and 50% met inclusion criteria for diabetes; the average level LDL-C level was 122 mg/dL; the average level of apolipoprotein-B (Apo-B) was 101 mg/dL; and 72% of participants were on a high-intensity lipid-lowering regimen.
• Participants were randomized to one of the two treatment groups: 140 mg of evolocumab injected under the skin every two weeks, or a placebo also injected every 2 weeks, for the duration of the trial, an average of 4.6 years.

The study had several limitations to note. There was a small group of patients (8%) who were not being treated with any cholesterol-lowering treatment at the beginning of the study. The authors noted that the majority of patients (72%) were on a high-intensity regimen when they enrolled in the trial. In addition, the researchers suggest future studies including adults from various racial and ethnic backgrounds are needed to confirm if these findings apply across diverse populations.

“Together with data from genetic studies of PCSK9 variants and other PCSK9 inhibitor outcomes studies, our findings suggest that long-term lowering with PCSK9 inhibitors can help to improve cardiovascular morbidity and potentially mortality over time. The findings also support the use of intensive LDL-C lowering to achieve targets of around 40 mg/dL to help prevent a first major cardiovascular event ,” said Bohula.

Evolocumab is a newer type of cholesterol-lowering medication called a PCSK9 inhibitor that binds to and inactivates a protein in the liver to lower LDL cholesterol. Evolocumab is FDA-approved to treat high LDL-C levels; however, PCSK9 inhibitors may not be covered by some health insurance plans, which may be a barrier for some people. Other research studies have confirmed that evolocumab reduces the risk of major adverse cardiovascular events in people who have ASCVD, peripheral artery disease (PAD) with symptoms or have had a prior heart attack or stroke.

NVIDIA’s recent circular deals: fueling growth or bubble risk?

In recent months, NVIDIA has deepened its AI ecosystem through a series of financing and partnership arrangements often described as ‘circular deals’. These involve NVIDIA investing in key customers and partners who, in turn, commit to significant graphics processing unit (GPU) purchases.

These agreements have locked in billions of dollars in forward revenue, reinforcing NVIDIA’s dominance in the supply chain and accelerating the buildout of next-generation data centres. CEO Jensen Huang has characterised these moves as strategic bets on a ‘multitrillion-dollar AI future’, ensuring NVIDIA remains at the centre of global compute infrastructure.

However, critics argue these arrangements resemble vendor financing practices from the dot-com era, where inflated commitments masked underlying demand weaknesses. If AI adoption slows or macroeconomic conditions deteriorate, these interlocking dependencies could amplify risks, potentially triggering defaults or write-downs across the ecosystem.

The scale of these deals is significant. For example, OpenAI has committed more than $1 trillion in AI infrastructure since mid-2025, much of which loops back to NVIDIA through direct investments and indirect chip purchases by partners such as Oracle and CoreWeave.

Proponents, including CoreWeave CEO Mike Intrator, insist there is ‘nothing circular’ about these transactions, arguing that hyperscalers and AI labs are simply meeting explosive compute demand with locked-in supply. Critics counter that the money trail often circles back to NVIDIA itself, artificially propping up sales figures and echoing the vendor-financed bubble of the early 2000s. Time will tell which view proves correct.

Is NVIDIA a buy or a sell?

NVIDIA has a TipRanks Smart Score of ‘9 outperform’ and is rated as a ‘strong buy’ by analysts, with 37 ‘buy’, 1 ‘hold’ and 1 ‘sell’ recommendation as of 11 November 2025.

NVIDIA TipRanks smart score

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Operations: Nihon Dengi generates revenue primarily from designing and constructing automatic control systems. The company’s market cap stands at ¥101.49 billion.

Nihon Dengi, a promising player in the building industry, has shown impressive financial health with earnings growth of 52.2% over the past year, outpacing the industry’s 1.9%. This debt-free company trades at an attractive 30.6% below its estimated fair value and boasts high-quality earnings. Recent guidance forecasts net sales of ¥46 billion (US$), with operating profit expected to hit ¥10.5 billion (US$). However, dividends have decreased to ¥71 per share from last year’s ¥81 per share. Despite this cutback, inclusion in the S&P Global BMI Index underscores its growing market recognition and potential for future growth.

Simply Wall St Value Rating: ★★★★★★

Overview: Greatek Electronics Inc., along with its subsidiaries, offers semiconductor assembly and testing services across Taiwan, Asia, America, Europe, and Africa with a market capitalization of NT$44.03 billion.

Operations: The primary revenue stream for Greatek Electronics comes from its semiconductor segment, generating NT$16.36 billion.

Greatek Electronics, a nimble player in the semiconductor sector, shows promising attributes despite some challenges. With earnings growth of 0.8% over the past year, it outpaced the industry’s -2.3% performance, highlighting its resilience. The company is debt-free and boasts high-quality earnings with a favorable price-to-earnings ratio of 18.4x compared to the Taiwan market’s 20.7x, indicating good value potential. Recent quarterly sales hit TWD 4,250 million from TWD 3,860 million last year; however, net income for nine months fell slightly to TWD 1,811 million from TWD 1,918 million previously—showcasing mixed results but maintaining profitability.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include SZSE:002255 TSE:1723 and TWSE:2441.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

(Bloomberg) — The rally in global stocks on optimism about ending the record-long US government shutdown paused in Asia. Chinese shares underperformed.

MSCI’s regional stock gauge fell 0.3%, erasing earlier gains of up to 0.5%, with financials leading losses. Sony Group Corp. jumped more than 5% after raising its profit outlook. China’s main stock benchmark declined 0.7%.

US equity-index futures dropped 0.1% after the S&P 500 Index rallied Monday on signs a deal to end the government shutdown was close. European stock futures also pared gains. Separately, President Donald Trump floated the idea of paying a $2,000 tariff “dividend” to American citizens.

The pause in the rally came after cross-asset investors had returned to riskier areas of the market after the recent selling in technology stocks, driven by concerns over lofty valuations. Many were betting that reopening the US government will restore the flow of key economic data on jobs and inflation, providing greater clarity on the Federal Reserve’s policy path.

“Conviction remains tentative,” said Hebe Chen, an analyst at Vantage Markets in Melbourne. “While investors welcome the ‘back-to-business’ tone, a month-long data blackout means the next wave of US economic releases could deliver fresh surprises — keeping markets on alert, even amid the optimism.”

A record-setting 41-day US government shutdown is on a path to end as soon as Wednesday after the Senate passed a temporary funding measure backed by a group of eight centrist Democrats. The Senate’s 60-40 vote Monday came amid escalating flight disruptions, food aid delays and frustrations in a federal workforce that has mostly gone without pay for more than a month.

While investors piled in the riskier corners of the market, bonds declined Monday. Treasuries are also facing a demand test from this week’s auctions totaling $125 billion. The US bond market is closed worldwide Tuesday for Veterans Day.

Monday’s optimism in equities had spilled over into other asset classes, with a gauge of commodity prices climbing to its highest level since August 2022. Gold and Bitcoin extended gains, while a gauge of the dollar inched higher.

Aluminum advanced alongside copper and other industrial metals. Aluminum, which reached a three-year high a week ago, has been one of the strongest performers on the London Metal Exchange in recent months, with investors weighing the impact of Chinese capacity curbs at a time of resilient demand.

Gold rose for a third day to trade above $4,130 an ounce on expectations that the Fed will reduce interest rates further. Brent crude was little changed near $64 a barrel.

Elsewhere, Japan’s 30-year government bond auction Tuesday saw demand that was weaker than the 12-month average, as renewed concerns about Prime Minister Sanae Takaichi’s fiscal policy drove investor caution. Takaichi had earlier said she aims to use her first stimulus package to jump-start the economy and initiate a new growth strategy through investment in key industries.

Shares in India edged lower even as Trump indicated he would reduce the tariff rate on the country’s exports “at some point,” and that the US was “pretty close” to a trade deal with New Delhi.

Corporate News:

Warren Buffett, the billionaire investor who turned an aging textile mill into a conglomerate, said he’s “going quiet,” marking the end of an era for one of the business world’s most-watched investing gurus. CoreWeave Inc. lowered its annual revenue forecast after suffering a delay fulfilling a customer contract, marking a setback for a company that is racing to keep up with the artificial intelligence boom. The European Commission is exploring ways to force European Union member states to phase out Huawei Technologies Co. and ZTE Corp. from their telecommunications networks. Xpeng Inc. shares surged to their highest level in eight months, amid growing optimism over the Chinese electric carmaker’s progress in technologies including humanoid robots. Shares of SoftBank Group Corp. rose in Japan ahead of the company’s earnings. The company is expected to log its third straight quarterly profit when it announces earnings later Tuesday. Some of the main moves in markets:

Stocks

S&P 500 futures fell 0.1% as of 2:17 p.m. Tokyo time Nikkei 225 futures (OSE) fell 0.6% Japan’s Topix fell 0.2% Australia’s S&P/ASX 200 fell 0.2% Hong Kong’s Hang Seng fell 0.4% The Shanghai Composite fell 0.4% Euro Stoxx 50 futures rose 0.4% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1563 The Japanese yen was little changed at 154.24 per dollar The offshore yuan was little changed at 7.1247 per dollar Cryptocurrencies

Bitcoin fell 0.2% to $105,374.89 Ether rose 0.6% to $3,562.94 Bonds

The yield on 10-year Treasuries was little changed at 4.12% Japan’s 10-year yield declined one basis point to 1.685% Australia’s 10-year yield declined one basis point to 4.39% Commodities

West Texas Intermediate crude fell 0.3% to $59.95 a barrel Spot gold rose 0.6% to $4,140.84 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Abhishek Vishnoi and Winnie Hsu.

©2025 Bloomberg L.P.

SINGAPORE, Nov 11 (Reuters) – Chinese provincial government-backed refiner Yanchang Petroleum is avoiding Russian oil in its latest crude oil tender for deliveries between December and mid-February，two traders with knowledge of the matter said on Tuesday.

Yanchang, located in the landlocked northern province of Shaanxi, has been a regular buyer of Russian oil, typically taking in one shipment per month, usually Far East export grade ESPO blend or Sokol, one of the traders said.

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Yanchang did not immediately respond to a request for comment.

China and India are Russia’s top oil export markets.

Yanchang, which can process 348,000 barrels of crude per day, is one of the largest refiners in inland China and is entitled to an annual import quota of 3.6 million metric tons or 26 million barrels.

The refiner typically receives imported crude from Tianjin port, near Beijing, where the oil is shipped to it by rail.

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