Auquan's Weekly Wrap | 15th - 21st October: What you might have missed

Recap of some market activity and unique insights this week: The first-ever licensing agreement for a cancer drug. Child labour investigations in the auto sector. Lafarge's heavy terror funding penalty

Auquan's Weekly Wrap | 15th - 21st October: What you might have missed
The Lafarge cement factory in northern Syria was seized by ISIS in 2014 and has been closed since. Daniel Riffet/Alamy

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Cancer Drug Development

Source: Shutterstock_313800779

A UN-backed public health organisation announced the first-ever licensing agreement with Novartis for a cancer drug (for chronic myeloid leukaemia). This will enable selected manufacturers to develop, manufacture and supply generic versions of nilotinib, a twice-daily oral medication used to treat chronic myeloid leukaemia. This follows Merck's announcement earlier this month, opting to develop and sell a cancer vaccine with Moderna Inc. to treat patients with melanoma.

Automobile Sector Child Labor Abuse

Child labor violations in US supply chains have prompted Korea's top automaker Hyundai to investigate it's suppliers in Alabama and potentially 'sever ties'. Just over a week ago the U.S. Department of Labor and the Alabama Department of Labor anounced authorities have fined SL Albama after finding children as young as 13 working at their Korean operated factories. The firm also supplies auto-maker Kia.

Lafarge Terror Funding Charges

Crimes against humanity and serious human rights allegations for supporting the Islamic State and terror groups have shadowed French cement maker Lafarge (part of Swiss-listed Holcim) for well over a year. Just this week, the firm pleaded guilty in US federal court, agreeing to pay $778 million and serve a term of three years probation.

France Utility Workers Strike

REUTERS/Pascal Rossignol

With 20 French nuclear reactors remaining disrupted by strikes, maintenance work delayed at 17 and lower production at 3, the impacts of power shortages are heavily being exacerbated at a time when Europe is already facing an energy crunch triggered by the Ukraine war. 'Heavy consequences' are predicted for the country's winter electricty supplies - causing concern for businesses shutting down or delaying production.

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