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Wednesday, August 13, 2025

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https://nordictimes.com/economy/concern-in-the-vaccine-industry-after-kennedys-nomination/

Economy

Concern in the vaccine industry after Kennedy’s nomination

Published 16 November 2024
– By Editorial Staff
RFK and Donald Trump during a campaign rally in Arizona.
2 minute read
Editorial Staff
editorial@nordictimes.com

Share prices for a range of vaccine manufacturers and pharmaceutical companies around the world fell sharply on Friday.

The reason is widespread concern about what Trump’s nomination of vaccine critic Robert F. Kennedy Jr. as secretary of health could mean for the historically lucrative sector.

Kennedy has vowed to crack down on Big Pharma and wants vaccines to be voluntary, safe and properly tested – and to fight corruption and powerful special interests in US public health.

Today, he says, no one knows exactly how dangerous vaccines are or whether they even prevent more problems than they cause. Kennedy also believes that not a single vaccine in the US vaccine program has been tested thoroughly enough to safely assess its risks and benefits.

The news that Trump has nominated RFK as the new Secretary of Health and Human Services was thus not received positively by industry players and in the US, shares in Pfizer fell by more than 4%, Moderna by about 7% and Astra Zeneca and GSK by more than 3% on Friday.

 

According to Russ Mould, director at investment platform AJ Bell, the election has “spooked” many of the pharmaceutical companies’ shareholders and led to concerns about the future of the companies if Kennedy’s nomination goes through.

– The impact on the sector is hard to judge fully at this stage but, at the very least, it will cause a good deal of uncertainty, he says.

Wants to see a number of changes

If Kennedy becomes the new health secretary, he would head a large and well-resourced agency that oversees everything from food safety to medical research and national health programs – including mass vaccination programs.

Kennedy has also called for more restrictions and bans on chemicals and dyes in food, the removal of ultra-processed foods from school lunches, and for pharmaceutical companies to be forced to be more transparent and share more information about their products than they do today.

The pharmaceutical industry is also concerned that with Trump as president, there will be less money to be made in the US market – as the president-elect wants to make it easier to import medicines from Canada.

“Have to wait and see”

Danish vaccine maker Bavarian Nordic’s shares fell more than 15% on Friday but its CEO Paul Chaplin is urging shareholders to wait and see what changes Trump’s presidency will bring to the industry.

He points out that during Donald Trump’s first term, the company’s smallpox and monkeypox vaccine business actually benefited and that it’s hard to say what will happen this time.

– It is too early to say and we have to wait and see how things develop.

Danish Novo Nordisk and French Sanofi also fell sharply on Friday, with their shares dropping by just over five percent and just over three percent respectively.

Editorial Staff
editorial@nordictimes.com

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https://nordictimes.com/economy/nvidia-and-amd-to-pay-15-percent-of-china-revenues-to-us/

Economy

Nvidia and AMD to pay 15 percent of China revenues to US

Donald Trump's USA

Published today 13:27
– By Editorial Staff
Lisa Su, CEO of AMD, holds up an AMD Zen 5 chip during the presentation of next-generation processors at Computex 2024 in Taipei, Taiwan.
2 minute read
Editorial Staff
editorial@nordictimes.com

American semiconductor manufacturers Nvidia and AMD have agreed to pay 15 percent of their revenues from chip sales in China to the US government. The arrangement is the condition for obtaining export licenses under President Donald Trump’s administration.

According to sources familiar with the situation, including a US government official, both companies approved the financial arrangement to obtain export licenses for the Chinese market, which were granted last week.

The American official stated that Nvidia agreed to share 15 percent of revenues from H20 chip sales in China, while AMD will provide the same percentage from MI308 chip revenues. The Trump administration has not yet decided how the money will be used, reports Financial Times.

Never seen before

According to export control experts, this is the first time ever that an American company has agreed to pay a portion of its revenues to obtain export licenses. However, the arrangement fits into a pattern under the Trump administration where the president urges companies to take actions, such as domestic investments, to avoid tariffs.

The Commerce Department began issuing H20 export licenses on Friday, two days after Nvidia CEO Jensen Huang met with President Trump. The administration has also begun issuing licenses for AMD’s chips to China.

Nvidia did not deny the arrangement and said: “We follow rules the US government sets for our participation in worldwide markets”. AMD commented: “Our initial licence applications have been approved” and added that the company “adhere to all US export control laws and policies”.

Criticism from security experts

The decision to sell the chips to China has drawn criticism from American security experts who argue that the H20 chip will help the Chinese military and undermine US strength in artificial intelligence.

— Beijing must be gloating to see Washington turn export licences into revenue streams, says Liza Tobin, a China expert who served on the National Security Council during Trump’s first administration.

In a letter to Commerce Secretary Howard Lutnick, Matt Pottinger, former deputy national security advisor, and 19 other security experts warned against granting H20 licenses. They called the H20 a “potent accelerator of China’s frontier AI capabilities”.

Nvidia dismissed the criticism as “misdirected” and rejected that China could use the H20 for military purposes.

The debate comes as the US and China hold trade talks that Trump hopes will pave the way for a summit with Chinese President Xi Jinping.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/economy/swedish-banks-urged-to-take-responsibility-for-failing-cash-system/

Economy

Swedish banks urged to take responsibility for failing cash system

The war on cash

Published yesterday 13:53
– By Editorial Staff
Every fourth ATM has been closed in recent months, leading to demands that banks take responsibility for cash handling.
2 minute read
Editorial Staff
editorial@nordictimes.com

About one in four ATMs from Bankomat has been closed during recent months. Now the Cash Revolt movement (Kontantupproret) is demanding that Swedish banks take responsibility.

Bankomat AB is owned by Sweden’s major banks: Swedbank, Handelsbanken, Nordea, Danske Bank, and SEB. For several months, the company has experienced major problems with its ATMs, with approximately 25-30 percent of all machines in the country being shut down. In some smaller towns, such as Söderhamn in central Sweden, all ATMs in the entire municipality were closed.

— We can do nothing but apologize. This is completely unacceptable, said Jenny Danielsson, press officer at Bankomat, to Söderhamns-kuriren.

The cause stems from the company taking over cash transport to and from the machines themselves at the beginning of the year, a service they had previously outsourced. However, this proved to be a more “complex task” than initially expected, with the main problem being that the system used for counting money is not functioning properly, as the company has explained on its website.

Now the Cash Revolt movement (Kontantupproret) is demanding that the bank owners take responsibility for cash handling and open their bank branches when ATMs are not functioning.

— Nordea, Swedbank, SEB, Handelsbanken and Danske Bank together have a large network of offices across the country. They should agree to keep at least one of their offices open in locations where there are problems. In the past, all bank branches handled cash, so it’s not particularly difficult for them. It’s about time they started taking their social responsibility and helped people access cash, says Björn Eriksson, chairman of the Cash Revolt movement, in a press release.

Government must act

Behind the organization, which describes itself as the voice of cash in society, are groups including the youth organization Förbundet Vi Unga, rural advocacy group Hela Sverige ska leva, Sveriges Konsumenter, and the Federation of Swedish Small Businesses. The Cash Revolt movement believes that cash supply issues should be handled through democratic processes rather than left to the private banking system to decide.

If banks don’t take action and open their offices, the Swedish government should intervene, the organization argues.

— It’s strange that banks don’t act voluntarily. The problems with Bankomat have been ongoing for a long time and also show how vulnerable our cash system is today. It’s as if bank management has become too comfortable in their offices and doesn’t care how ordinary people are affected. The government must start pointing the finger, says Eriksson.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/economy/eu-and-us-reach-agreement-on-tariffs-and-energy-cooperation/

Economy

EU and US reach agreement on tariffs and energy cooperation

Published 28 July 2025
– By Editorial Staff
Ursula von der Leyen and Donald Trump in connection with yesterday's press conference.
3 minute read
Editorial Staff
editorial@nordictimes.com

The EU and US have reached agreement on a comprehensive trade deal that involves 15 percent American import tariffs on the majority of EU goods. The agreement marks an important step toward stability and predictability in transatlantic trade.

After months of tense negotiations, a new trade agreement between the EU and US was announced yesterday.

The agreement means that the US will impose a general tariff rate of 15 percent on the majority of EU exports to the US, including products from the automotive industry. Exceptions are made for steel and aluminum, which continue to be regulated under separate quota systems.

European Commission President Ursula von der Leyen and US President Donald Trump presented the agreement after meetings in Scotland, where they described it as “all inclusive” and a breakthrough that creates stability in an uncertain global economic situation.

– I think this is the biggest deal ever made, Trump said during a press conference celebrating the agreement.

The agreement also includes significant energy cooperation where the EU commits to investing in and purchasing American energy worth $750 billion.

European Commission President Ursula von der Leyen commented on the agreement in positive terms: – We have a trade deal between the two largest economies in the world, and it’s a big deal. It’s a huge deal. It will bring stability. It will bring predictability.

Agreement faces criticism: “Unbalanced”

Additionally, the EU plans to make investments of $600 billion in the US over a longer period. This includes liquefied natural gas (LNG), oil and nuclear fuel, which is seen as part of the EU’s ambition to reduce dependence on Russian energy.

The trade agreement further includes tariff-free trade on selected strategic products such as aircraft, aircraft parts, semiconductors and certain chemicals, which is expected to benefit both parties’ industrial sectors. However, some uncertainty remains regarding tariff rates on certain agricultural products and beverages.

The agreement averts a looming tariff conflict where the US had previously threatened up to 50 percent import tariffs on European goods, a level that was later reduced to 30 percent before the final agreement was reached.

Many in Europe still consider the baseline level of 15 percent too high, particularly in light of original hopes for a zero-to-zero agreement.

Criticism also comes against what many consider a worse deal for EU member states compared to the agreement concluded between the US and the UK – a UK that moreover stands outside the EU.

Bernd Lange, a German Social Democrat and chair of the European Parliament’s trade committee, sees the tariffs as “unbalanced”. He warns that the extensive EU investments now directed toward the US will likely come at the expense of the EU itself.

European companies largely welcome the agreement, which is expected to contribute to increased trade and investment across the Atlantic, while the agreement signals new opportunities for cooperation in energy and technology.

Editorial Staff
editorial@nordictimes.com

Fact box: WTO, tariffs and trade conflicts

  • WTO's role: The World Trade Organization (WTO) regulates international trade and aims to minimize tariffs and other trade barriers between member countries.
  • Tariffs: Taxes on imported goods that affect prices and competitiveness. High tariffs can reduce trade and lead to negative economic effects globally.
  • Trade wars: Escalated tariff increases between countries, which the US and EU came close to initiating, can damage exports and imports, worsen relations and create market uncertainty.
  • Economic effects: Stability and low tariffs promote investment and growth. The agreement between the EU and US is expected to reduce the risk of trade tensions and enable long-term planning for companies on both sides.
  • Energy and geopolitics: The energy component of the agreement is linked to Europe's energy transition and its ambition to reduce dependence on Russian gas and oil through American energy sources.

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