Category: 3. Business

  • If you purchased beef products between August 1, 2014 and December 31, 2019 to feed yourself, family, or friends, you may be entitled to a cash payment from Settlements USA – English USA – español

    If you purchased beef products between August 1, 2014 and December 31, 2019 to feed yourself, family, or friends, you may be entitled to a cash payment from Settlements USA – English USA – español

    MINNEAPOLIS, Dec. 29, 2025 /PRNewswire/ —

    Court-Approved Notice.

    If you are eligible, you must file a claim by June 30, 2026.

    Who Is Included in the Settlement?

    You are included—and may be eligible for a payment—if you are a person or entity who indirectly purchased any of the following beef products for personal consumption between August 1, 2014, and December 31, 2019

    • Beef (fresh or frozen) made from chuck, loin, rib, or round primal cuts. More details regarding the different beef products included in the Settlements is available at www.OverchargedForBeef.com.
    • Purchased in one of the following states/jurisdictions (known as “Repealer Jurisdictions” for this case): Arizona, California, District of Columbia, Florida, Illinois, Iowa, Kansas, Massachusetts, Maine, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, New York, North Carolina, North Dakota, Oregon, Rhode Island, South Dakota, Tennessee, Utah, West Virginia, and Wisconsin.

    “Indirectly purchased” means you did not buy the beef products directly from one of the Defendants. Instead, you bought it at a grocery store or supermarket.

    What Beef Products Are NOT Included?

    Any beef marketed as: 

    • Premium: USDA Prime, organic, 100% grass-fed, Wagyu, “American-Style Kobe Beef.” 
    • Specialty: No Antibiotics Ever (“NAE”), antibiotic-free, kosher, halal, certified humane.
    • Processed: Ground, marinated, seasoned, flavored, breaded, or cooked beef.

    What is This Lawsuit About?

    The lawsuit: This is an antitrust class action lawsuit that claims several beef processors—including JBS, Cargill, National Beef, and Tyson Foods—entered into a market allocation agreement and stopped competing against each other for market share. The alleged purpose and effect of this agreement was to increase their margins and increase the price consumers paid for beef. 

    Settlements: Two of the defendants, Tyson Foods and Cargill, have agreed to settlements totaling **$87.5 million** ($55 million from Tyson and $32.5 million from Cargill) to resolve the claims against them. They have also agreed to certain non-monetary relief. 

    Defendants’ Position: The Court has not ruled that the Defendants did anything wrong, and the companies deny all allegations of wrongdoing. 

    Non-Settling Defendants: JBS USA Food Company, Swift Beef Company, JBS Packerland, Inc., and National Beef Packing Company have not settled.

    What Do the Settlements Provide?

    1.      Cash Payment
    If you are included in the Settlement Class, you can file a claim to receive a pro-rata (equal share) cash payment. This payment will be proportional to the amount of included beef you purchased during the class period.

    2.      How to Submit a Claim
    To receive a payment, you must submit a Claim Form with all required information. Your Claim Form must be postmarked or submitted online by June 30, 2026. To submit a Claim Form online, please visit www.OverchargedForBeef.com.

    What Are Your Legal Options?

    1.      Get a Cash Payment
    You will receive a cash payment, and you give up your right to sue Cargill and Tyson over the legal claims in this lawsuit. Submit a Claim Form by June 30, 2026.

    2.      Opt-Out (Exclude Yourself)
    You will not get a payment from these settlements, but you keep your right to sue Cargill and Tyson on your own for the legal claims in this lawsuit. Submit a written opt-out request by March 30, 2026.

    3.      Object to the Settlements
    You will be bound by the Settlements, but you can tell the Court why you think the Settlements are unfair. Submit a written objection by March 30, 2026.

    4.      Do Nothing
    Take no action. You will not receive a cash payment, and you will be legally bound by the Settlements, giving up your right to sue Cargill and Tyson later.

    Fairness Hearing

    The Court will hold a hearing on May 12, 2026 at 11:00 a.m. CDT, to decide whether to officially approve the Settlements, the amount of attorneys’ fees, and any service awards. You or your lawyer may attend the hearing, but you are not required to do so.

    This notice is a summary. For a detailed explanation of your rights, the full definition of the Settlement Class, and how to opt-out or object, please visit the Settlement Website at www.OverchargedForBeef.com or call the toll-free number at 1-877-283-8711.

    URL: www.OverchargedForBeef.com

    SOURCE The United States District Court for the District of Minnesota

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  • Tasting 291 Australian supermarket products has taught me there’s no correlation between price and deliciousness | Australian food and drink

    Tasting 291 Australian supermarket products has taught me there’s no correlation between price and deliciousness | Australian food and drink

    Imagine going to a work Christmas party and being greeted not by your current workmates and bosses but by everyone you’ve ever worked with. Imagine the mix of dread, nostalgia and excitement that would bring on. That’s how I feel every time I walk into Coles Broadway.

    After trying 291 supermarket products for 14 taste tests this year (one more than last year’s haul) I feel as if I know all the characters in there and, despite only having relatively short interactions with many, I have strong opinions about all of them.

    I want to tell everyone my opinions but supermarkets aren’t particularly welcoming places for giddy soap-box speakers. I once saw a man looking lost in the instant coffee section and excitedly told him I’d tried every brand, and asked if he needed help. He raised one eyebrow, and simply said no. Another time, in the muesli aisle, I asked a woman if she needed help choosing. She replied: “I don’t need help.”

    It was me who needed help. I needed an outlet, a place to blurt everything I’ve kept rumbling in my head all year. This is my outlet. This is what I thought, felt and learned from trying hundreds of Australian supermarket aisle foods this year.

    Price is a terrible indicator of deliciousness

    Before I started these taste tests, I had a bad habit. Any time I planned to make a new recipe, particularly if I was serving it to guests, I would buy the most expensive version of every ingredient, assuming the most expensive items would deliver the best taste. I am both embarrassed and thrilled to realise there is almost zero correlation between price and deliciousness. This year the most expensive product (by weight) only won once, in the salami taste test. In the olives taste test, the priciest option came last.

    Packaging? Price? Neither are a good indicator of flavour. Photograph: Jessica Hromas/The Guardian

    I crunched the data on the most expensive product from each taste test I did this year – the median score was just a six out of 10. I did the same with the cheapest option from each taste test – the median score was also a six. Incredible.

    I can make two conclusions here: 1. Deliciousness exists at both ends of the price spectrum, and 2. Most products in the supermarket, regardless of price, are average.

    So is packaging

    Next I investigated the most luxurious-looking brands from each taste test: products with fancy illustrations, organic certifications, aristocratic colour schemes and claims about the provenance of their ingredients. The median score of all those products: five out of 10. Also incredible.

    Taste is more objective than I thought

    ‘We may all have different experiences … but the human nose and tongue is designed to do the same thing.’ Photograph: Isabella Moore/The Guardian

    As a Guardian commenter, AdvocadoOnToast, says: “The idea that a group of random people’s personal tastes are relevant to everyone else seems like a waste of time.” I used to think the same but now, mostly influenced by doing this job, I don’t.

    We may all have different experiences and genes but the human nose and tongue is designed to do the same thing – warn us of unsafe foods and reward us for eating things that will give us energy and sustain us. That’s why mangoes – high sugar, high acid – are more popular than dragonfruit, and why ragu, packed with umami-producing amino acids, is more delicious than mugwort.

    Those same principles apply to deciding which brand of milk is better than another but the process is complicated by our preferences. To give a practical explanation, if every human being on Earth joined in on these blind taste tests, there would still be a lot of disagreement about which olive is a six and which is a seven out of 10. But I think we would still unanimously vote Monini L’Oliva Leccino Pitted last.

    Packet instructions are terrible

    Prepping for the mince pie taste test. Photograph: Isabella Moore/The Guardian

    Packet cooking instructions are rarely designed to get the best out of the product, they’re there to convince you to buy it. They spruik quick cooking times and small serving sizes, telling you this is an easy product that will go a long way. But undercooked meat pies and bad coffee brews prove otherwise. As a fellow taste tester said, you have to “use your eyes, mouth and brain”. If you don’t have the capacity or confidence to do that, just add a little more cooking time or dosage than the packet says.

    It’s very enjoyable to eat 15 sorbets in one sitting

    Spoons at the ready for the sorbet taste test. Photograph: Rémi Chauvin/The Guardian

    Most taste tests are like following your favourite team during a rollercoaster season: the highs and lows are so extreme and chaotic, it can leave you feeling a little unhinged. But the sorbet taste test, and to a lesser degree, the chocolate ice-cream one, were simply pleasant afternoons with friends, chatting over rather pleasant foods.

    Eating 19 crackers in a row is an awful and confusing experience

    I asked one of my regular fellow taste testers about their thoughts for the year and they said: “Something you thought was completely reasonable and acceptable before, turns out to be absolute inedible trash in the lineup.” This sentiment comes up at least once in almost every taste test but during the cracker taste test, it came up in almost every round. After sampling 19 crackers, one taste tester said: “I felt like a jellyfish that had been beached on the sand and was slowly drying out from the inside out.”

    South Australia makes great sorbet

    There’s not much more to say about Golden North sorbets other than a thank you to the Guardian readers (Donald5252, MaxyMillions, Brenty56, TheAppilaKid, Gooseygirl and TMoore) who encouraged me, a New South Wales resident, to try harder to get my hands on some South Australian products.

    Beware the villains that lurk in the supermarket aisles

    Olives ahoy. Photograph: Isabella Moore/The Guardian

    At the end of every year my friends and I nominate who our person of the year is, someone who had a big impact, whether it was a stranger you met in a brief encounter or a loved one who’s been particularly present. This year, one of those friends asked me who my villain of the year was.

    All I could think about were the villainous flavours I’d ingested: the meat pie I never want to see again, the pickles that taste like soft drink carbonated with fart, Persian fetas salty enough to make a professional cheese judge wince, coffees that smell like ashtrays, protein-boosted chocolate ice-creams with the appeal of cardboard-flavoured granita, and an olive brand that attracted these taste-tester comments, which I compiled into a poem:

    Loss for words.
    Back to the toxic.
    Metallic bitterness.
    Old mop bucket.
    Reminds me of cigarette.
    Not good. Not good.
    Why are they being sold as food?
    Absolutely fuck this olive.
    Ugly Olives.

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  • 2026 is set to be the year of agentic AI, industry predicts – Nextgov/FCW

    1. 2026 is set to be the year of agentic AI, industry predicts  Nextgov/FCW
    2. Snowflake CEO: Big Tech’s grip on AI will loosen in 2026 — plus 6 more predictions that will define the year  Fortune
    3. Sizing Up Top Tech Trends and Priorities for 2026  Security Magazine
    4. Tech in 2026: The era of AI coworker and Connected Intelligence beckons  Times of India
    5. Our Tech Columnists’ Annual Predictions: Folding iPhones, Mind-Reading Tech, EV Supercars  The Wall Street Journal

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  • Pakistan stocks hit record high on UAE investment optimism – Arab News

    1. Pakistan stocks hit record high on UAE investment optimism  Arab News
    2. KSE-100 hits new all-time high on nearly 1,500-point rally  Business Recorder
    3. PIA deal propels PSX to record high in rollover week  Dawn
    4. Weekly Market Roundup  Mettis Global
    5. PSX Settles At New All-Time High on UAE’s Billion-Dollar Investment News  ProPakistani

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  • MetaVia to Participate in and Sponsor the 10th Annual MASH-TAG 2026 Conference

    MetaVia to Participate in and Sponsor the 10th Annual MASH-TAG 2026 Conference

    CAMBRIDGE, Mass., Dec. 29, 2025 /PRNewswire/ — MetaVia Inc. (Nasdaq: MTVA), a clinical-stage biotechnology company focused on transforming cardiometabolic diseases, today announced that it will participate in and sponsor the 10th Annual MASH-TAG 2026 Conference. Members of MetaVia’s business development and clinical teams will attend the conference, which will take place January 8-10 at the Chateaux Deer Valley in Park City, Utah.

    About MetaVia
    MetaVia Inc. is a clinical-stage biotechnology company focused on transforming cardiometabolic diseases. The company is currently developing DA-1726 for the treatment of obesity, and is developing vanoglipel (DA-1241) for the treatment of Metabolic Dysfunction-Associated Steatohepatitis (MASH). DA-1726 is a novel oxyntomodulin (OXM) analogue that functions as a glucagon-like peptide-1 receptor (GLP1R) and glucagon receptor (GCGR) dual agonist. OXM is a naturally-occurring gut hormone that activates GLP1R and GCGR, thereby decreasing food intake while increasing energy expenditure, thus potentially resulting in superior body weight loss compared to selective GLP1R agonists. In a Phase 1 multiple ascending dose (MAD) trial in obesity, DA-1726 demonstrated best-in-class potential for weight loss, glucose control, and waist reduction. Vanoglipel is a novel G-protein-coupled receptor 119 (GPR119) agonist that promotes the release of key gut peptides GLP-1, GIP, and PYY. In pre-clinical studies, vanoglipel demonstrated a positive effect on liver inflammation, lipid metabolism, weight loss, and glucose metabolism, reducing hepatic steatosis, hepatic inflammation, and liver fibrosis, while also improving glucose control. In a Phase 2a clinical study, vanoglipel demonstrated direct hepatic action in addition to its glucose lowering effects.

    For more information, please visit www.metaviatx.com.

    Contacts:

    MetaVia
    Marshall H. Woodworth
    Chief Financial Officer
    +1-857-299-1033
    [email protected]

    Rx Communications Group
    Michael Miller
    +1-917-633-6086
    [email protected]

    SOURCE MetaVia Inc.

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  • Copper price on track for biggest rise in 15 years amid global shortage fears | Commodities

    Copper price on track for biggest rise in 15 years amid global shortage fears | Commodities

    Copper, the metal that underpins the fast-growing renewable energy industry, is on course for its biggest annual price rise in more than 15 years as traders react to fears of global shortages.

    As one of the main beneficiaries of the “electrification of everything”, copper has soared by more than 35% in value this year, spurred by US tariff uncertainty and concerns about mining disasters that could restrict supply.

    Analysts said copper had also joined silver and gold as a safe haven asset for investors wanting to hedge against the falling value of the dollar.

    Silver reached a record high on Monday, pushing the value of the Mexican mining company Fresnillo, which is listed on the London stock market, to a record high this month. The price of gold has jumped above $4,400 (£3,263) an ounce, up more than 70% since the beginning of January.

    Kyle Rodda, a senior financial market analyst at the investment company Capital.com, said the rise of copper, gold and silver “demonstrates a world marked by greater scarcity and investors desire to get their hands on things with relatively limited supply”.

    The copper price rose to more than $12,000 a tonne in December after the biggest rise since the global recovery in the wake of the 2008 financial crash.

    There was a rush to buy copper by US companies earlier this year after Donald Trump threatened to slap extra tariffs on imports of the metal. The tariffs were suspended, but the hoarding effect has limited supplies in other parts of the world and helped drive global prices higher.

    Copper is often viewed as a barometer for the global economy. It plays a central role in power grids, construction and industrial machinery.

    China, which is the largest manufacturer of copper products, has made securing supplies a priority, adding to the rise in prices.

    On Christmas Day, the state-owned miner Jiangxi Copper said it had acquired all shares of the London-listed miner SolGold for $1.2bn, allowing it to take control of the Cascabel gold and silver mining operation run by SolGold in Ecuador.

    Analysts at Goldman Sachs said earlier this month that the copper price was likely to stabilise in response to figures showing there was more than enough copper in circulation to meet global demand.

    However, concerns have grown that short-term hoarding in the US and China and the rising demand for copper over the next two decades will mean that supply fails to keep pace, especially as nations seek to switch from oil and gas to renewable sources of energy, driven by electricity from wind and solar farms.

    However, several mines have recently been forced to shut down after accidents.

    The US miner Freeport-McMoRan said in September that it would be unable to fulfil contracts to customers after a fatal mudslide at its sprawling Grasberg copper and gold mine in Indonesia.

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  • Loblaw stores and customers raise and donate more than $6.8 million in support of PC Children’s Charity throughout 2025

    Results, driven largely by Fall ‘Get to Give Days’ campaign, have helped the Charity reach its goal of feeding 1 millions kids annually

    Brampton, ON – December 29, 2025 – In 2025, thanks to the generosity of customers all across the country, Loblaw Companies Limited raised and donated over $6.8 million in support of President’s Choice Children’s Charity – operators of Canada’s largest charitable direct-to-school food program.

    Much of the funds were raised during the company’s ‘Get to Give Days’ campaign, which ran from October 16 to November 2. During this time, the company pledged to match customer donations made at checkout, up to $2 million. Customer response to the program was outstanding, leading to a $2.6 million donation to the Charity. Customers also gave at cash all throughout the year, either through a direct appeal, or most recently via a bill round-up.

    As a result of this incredible generosity, this year, PC Children’s Charity was able to reach its goal of feeding 1 million kids annually through its signature program, Power Full Kids Eat Well, which reaches children and youth in approximately 2,200 schools across Canada. This program has a dual purpose: to remove hunger as a barrier to learning for children, and to teach them how to grow and cook food, promote healthy habits, develop life skills, and build self-confidence.

    “We are forever grateful to Canadians, and Loblaw, for their giving spirit,” said Shantelle Rhynold, Director, PC Children’s Charity. “This campaign, in part, helped us to achieve our longstanding goal of feeding 1 million kids annually. We know it takes a village to raise up our youth, and in every part of the country, we saw Canadians helping to make our purpose a reality.”

    About President’s Choice Children’s Charity (Charitable Registration: 86842 1546 RR0001)

    For 36 years, President’s Choice Children’s Charity has been dedicated to helping children across Canada, and in that time, has nurtured the wellbeing of over 10 million children. Since 2018, the charity has been committed to the fight against childhood hunger to ensure all Canadian children can live the life they choose. President’s Choice Children’s Charity operates the nation’s largest charitable direct-to-school food program and its Power Full Kids programming combines regular meals and snacks with food skills education. The charity’s ambition is to feed one million children every year, by 2025.

    For more information or to give, visit www.pcchildrenscharity.ca(Open in a new tab) or follow on Facebook, Instagram or X.

    About Loblaw Companies Limited:

    Loblaw is Canada’s food and pharmacy leader, and the nation’s largest retailer. Loblaw provides Canadians with grocery, pharmacy, and healthcare services, other health and beauty products, apparel, general merchandise, financial services and wireless mobile products and services. With more than 2,800 locations, Loblaw, its franchisees and Associate-owners employ more than 220,000 full- and part-time employees, making it one of Canada’s largest private sector employers.

    Loblaw’s purpose, Live Life Well®, puts first the needs and well-being of Canadians who make one billion transactions annually in the company’s stores. Loblaw is positioned to meet and exceed those needs in many ways: convenient locations; more than 1100 grocery stores that span the value spectrum from discount to specialty; full-service pharmacies at almost 1400 Shoppers Drug Mart® and Pharmaprix® locations and almost 500 grocery stores; PC Financial® financial services; Joe Fresh® fashion and family apparel; and four of Canada’s top consumer brands in Life Brand®, Farmer’s MarketTM, no name® and President’s Choice®. For more information, visit Loblaw’s website at www.loblaw.ca and Loblaw’s issuer profile at www.sedar.com(Open in a new tab).

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  • Vestas announces orders in Ireland for a total of 188 MW

    Vestas announces orders in Ireland for a total of 188 MW

    Press Release:

    News release from Vestas Northen and Central Europe
    Hamburg, 29 December 2025

    Vestas is proud to announce the following orders as part of our Q4 order intake:

    Country Region Customer Project name MW Turbine variant Service agreement Delivery & commissioning
    Ireland EMEA Undisclosed Undisclosed 99 22 x V136-4.5 MW 20-year AOM 5000 Service Agreement Delivery planned to begin in Q1 2027; commissioning scheduled to begin in Q3 2027
    Ireland EMEA Undisclosed Undisclosed 47 11 x V117-4.3 MW Undisclosed Undisclosed
    Ireland EMEA Invis Energy Knocknamork 42 7 x V150-6.0 MW 20-year AOM 5000 Service Agreement Delivery planned to begin in Q3 2026; commissioning scheduled to begin in Q2 2027

    For more information, please contact:
    Yannick Kramm
    External Communications Specialist, Vestas Northern & Central Europe 
    Mail: yankr@vestas.com
    Tel: +44 (0)77 9528 4694
    Yannick Kramm

    About Vestas
    Vestas is the energy industry’s global partner on sustainable energy solutions. We design, manufacture, install, and service onshore and offshore wind turbines across the globe, and with more than 197 GW of wind turbines in 88 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled more than 159 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 37,000 employees are bringing the world sustainable energy solutions to power a bright future.

    For updated Vestas photographs and videos, please visit our media images page on: https://www.vestas.com/en/media/images

    We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

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  • Johnson & Johnson completes acquisition of Halda Therapeutics and its novel platform to revolutionize cancer treatment and enable next-generation oral therapies

    NEW BRUNSWICK, NJ (December 29, 2025) – Johnson & Johnson (NYSE: JNJ) (the “Company”) today announced the successful completion of its acquisition of Halda Therapeutics OpCo, Inc. (“Halda”), a clinical-stage biotechnology company with a proprietary Regulated Induced Proximity TArgeting Chimera (RIPTAC™) platform to develop oral, targeted therapies for multiple types of solid tumors, including prostate cancer, for $3.05 billion in cash.

    “This strategic milestone underscores our commitment to redefining cancer treatment with breakthrough science and transformative medicines,” said Jennifer Taubert, Executive Vice President, Worldwide Chairman, Innovative Medicine, Johnson & Johnson. “We are excited to formally welcome the talented Halda team to Johnson & Johnson and look forward to working together to achieve our shared goal of eliminating cancer.”

    With this acquisition, Johnson & Johnson adds HLD-0915, a clinical-stage therapy for prostate cancer, building on the Company’s nearly two decades of innovation in this disease area. HLD-0915 is a once-daily oral therapy that uses a novel RIPTAC™ platform with a precision cancer cell-killing approach that can overcome mechanisms of resistance to treatment. Additionally, the Company adds several earlier candidates for breast, lung and multiple other tumor types, based on RIPTAC™ technology, to its leading oncology portfolio. The novel technology may also enable the creation of transformative targeted therapies beyond oncology.

    “Johnson & Johnson continuously seeks new ways to meet patient needs and deliver innovative therapies,” said John C. Reed, M.D., Ph.D., Executive Vice President, Innovative Medicine, R&D, Johnson & Johnson. “Now that we have finalized this acquisition, we will focus on advancing the potential of this promising pipeline of novel product candidates and harnessing the powerful RIPTAC™ platform to discover more molecules in oncology and beyond.”

    The acquisition will be accounted for as a business combination. With the transaction now closing in 2025, Johnson & Johnson expects dilution in Q4 2025 and 2026 earnings. The total dilution to Adjusted Earnings Per Share (EPS) of approximately $0.20 is expected to split equally between 2025 and 2026 based on the latest estimates for the non-recurring charge related to Halda employee equity awards, financing and integration costs. Johnson & Johnson will provide commentary on full year 2026 guidance during the fourth quarter earnings call on Wednesday, January 21, 2026.

    About Johnson & Johnson
    At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow and profoundly impact health for humanity.

    Learn more at https://www.jnj.com/ or at www.innovativemedicine.jnj.com. Follow us @JNJInnovMed.

    Caution Concerning Forward-Looking Statements:
    This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 related to the acquisition of Halda. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current beliefs, expectations, and assumptions regarding future events, and are subject to uncertainties, risks and changes that are difficult to predict and many of which are outside of Johnson & Johnson’s control. If underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results and financial condition could vary materially from the expectations and projections Johnson & Johnson expressed or implied in its forward-looking statements. Risks and uncertainties include, but are not limited to: the satisfaction of closing conditions for the acquisition; the possibility that the transaction will not be completed in the expected timeframe or at all; the potential that the expected benefits and opportunities of the acquisition, if completed, may not be realized or may take longer to realize than expected; challenges inherent in product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new products; economic conditions, including currency exchange and interest rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges to patents; changes to applicable laws and regulations, including tax laws and global health care reforms; adverse litigation or government action; changes in behavior and spending patterns or financial distress of purchasers of health care products and services; and trends toward health care cost containment. In addition, if and when the transaction is consummated, there will be risks and uncertainties related to the ability of the Johnson & Johnson family of companies to successfully integrate Halda as well as the ability to ensure successful development and regulatory approval of Halda’s programs. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s most recent Annual Report on Form 10-K, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com, www.investor.jnj.com or on request from Johnson & Johnson. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.


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  • US stocks eclipsed by rest of world in 2025 as investors diversify

    US stocks eclipsed by rest of world in 2025 as investors diversify

    Unlock the Editor’s Digest for free

    US stocks have been eclipsed by market gains in the rest of the world in 2025, as worries about high valuations, a Chinese artificial intelligence breakthrough and Donald Trump’s radical economic policies contributed to a rare year of underperformance for Wall Street.

    The S&P 500 is up 18 per cent this year, undershooting the 29 per cent gain for the MSCI All Country World ex-US index by the widest margin since the global financial crisis in 2009.

    Wall Street’s artificial intelligence boom has powered a rebound from the sell-off sparked by Trump’s “liberation day” tariff blitz in April.

    But the lingering effects of the president’s trade war — as well as anxieties over sky-high US tech valuations — have led many investors to question the dominant position in global portfolios long enjoyed by US stocks.

    “US equities are more expensive than lots of other equities, the growth trajectory is likely to be challenged, and everyone’s got lots of them,” said Matthew Beesley, chief executive of Jupiter Asset Management, describing his approach to equity investing in 2026 as “anything but America”.

    “That is a great time to think about anything [investors] haven’t got lots of,” he added.

    Indices in China, Japan, Germany and the UK have outperformed the S&P as relatively unloved markets made a comeback, while an MSCI gauge of emerging markets has climbed nearly 30 per cent, boosted by a weaker dollar.

    “There is a need to diversify risk,” said Niamh Brodie-Machura, chief investment officer for equities at Fidelity International. “Many of the investors I talk to are examining their geographical allocations in light of the big-picture events of the past year.”

    Asian stock markets have been among the strongest performers, buoyed in part by Chinese start-up DeepSeek, which raised the prospect of serious competition to US AI with its large language model breakthrough in January.

    The MSCI China is up more than 30 per cent, while Hong Kong’s Hang Seng has climbed almost 28 per cent.

    US chipmaker Nvidia dropped 17 per cent on a single day following the release of a DeepSeek model whose performance rivalled those of US competitors but at a lower cost, prompting investors to question whether vast investment in AI infrastructure was necessary.

    Although Nvidia stormed back to become the world’s first $5tn company in October, nagging doubts about AI valuations have hit the US market, fuelling a sharp November sell-off.

    “The reason we lost that exuberance [about US stocks] was really in January . . . DeepSeek day,” said Helen Jewell, chief investment officer for fundamental equities at BlackRock. “You had that sudden realisation that ‘too overweight the US’ was not the way to build a portfolio.”

    Global investors have also warmed to Chinese equities this year. Mislav Matejka, head of global and European equity strategy at JPMorgan, said that the bank “fully flipped” to an overweight position on China this year following signs of economic resurgence.

    South Korea’s Kospi index has soared more than 75 per cent this year, with the index’s tech heavyweights Samsung and SK Hynix up 124 per cent and 268 per cent respectively.

    European stocks, too, enjoyed a boost prompted by hopes of economic growth emerging from Germany’s “whatever it takes” fiscal stimulus package, which most investors expect to kick off in earnest next year.

    Germany’s Dax has outperformed the S&P 500, while strong economic growth has driven Spain’s Ibex 35 up 48 per cent and the Greek Athex index up 44 per cent.

    “For years, the US was the only story in town,” said JPMorgan’s Matejka. Now, he said, investors should be positioning for this “broadening of performance internationally”.

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